Monday, March 24, 2014
Marriage is a step most couples plan to take in their relationship. Since it involves a number of legal aspects, it will inevitably influence your partner's rights, responsibilities and obligations related to property, whether acquired before or during the marriage. This will primarily depend on the property relations you and your spouse choose as you go into the marriage. Get some tips...
Separation of Property
Couples that have decided on a Separation of Property system are essentially agreeing on separate ownership of properties, which may be total or partial, and may refer to present or future properties or both. Each spouse shall be solely responsible for and earn the income from the properties they own exclusively. However, each must also be financially responsible for their share in family expenses. Typically, couples will enter into a settlement agreement or ante nuptial agreement before they get married.
Absolute Community of Property
With the system of Absolute Community of Property, all properties owned by either spouse during and after marriage will be jointly owned by both husband and wife. Exceptions to this rule are properties acquired through a donation or inheritance during the marriage. Income and other fruits made from these properties will not be jointly owned either. If a spouse has a previous marriage and legitimate children, properties acquired before the marriage and their resulting fruits and income should also not be part of the property community. In this case, the addition, sale, transfer and disposal of the community properties should have consent from both spouses.
Conjugal Partnership of Gains
In a Conjugal Partnership of Gains, there is a common fund set by the couple for income made from separately owned properties and those acquired by one or both spouses. In the event that the marriage is dissolved, the gains and benefits earned by one or both spouses will be divided equally between them, unless there are other settlements agreed on. However, properties that are considered as solely owned by one spouse are properties brought into the marriage as his or her own - properties acquired through a donation or inheritance during the marriage, properties obtained by right of redemption, barter or exchange with property owned by one spouse and properties acquired with the exclusive money of the husband or wife.