Thursday, April 21, 2016

The Marriage Series, Part 2: Property Relations

What is property relations? Property relations is how a husband and a wife relate to each other with regard to their properties, which include money, jewelry and land among others.

According to the Family Code of the Philippines, the property relations between husband and wife will be governed in the following order: 

(1) By marriage settlements executed before the marriage; 

(2) By the provisions of the New Civil Code as amended by the Family Code; and 

(3) By the local customs.

Couples who are about to get married are encouraged to execute a marriage settlement. What is a marriage settlement? A marriage settlement is an agreement between the future husband and the future wife, which establishes their property relations during their marriage. 

The Family Code of the Philippines provides for four economic regimes which the couple may choose to govern their future marriage. These regimes are: 

(1) the regime of absolute community; 

(2) the conjugal partnership of gains; 

(3) complete separation of property; and 

(4) any other regime. 

What if the couple chooses not to execute a marriage settlement? What regime will govern? According to the Family Code, in the absence of marriage settlements, or when the regime agreed upon is void, the system of absolute community of property as established in the Family Code will govern.

If you want a marriage settlement made or have questions regarding marriage settlements, please contact us at (032)268-0537 to schedule an appointment. Thank you!

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