“For better and for worse,” that’s the promise that the married couples hold on to during their wedding ceremony. It’s a sweet promise that says that the two will be together through thick and thin, through ups and downs.
Here in the Philippines, we often see couples as a single entity, a pair rather than two people. Marriage for Filipinos is seen as pure and absolute, and we often forget to deal with the nitty gritty parts, like the issue of property and ownership, because for us, marriage should be ruled by love and trust and not to be involved with material things.
That’s pretty great and all, but perhaps it’s time for couples to learn the basics of property and ownership during marriage. Issues during the marriage may arise when both parties are not knowledgeable on this. Because of this, we untangled the different real estate issues that married couples will face later on.
His and Hers: Prenuptial Agreement
Here’s what will happen to your properties after you wed someone. The most basic thing that you have to remember is this: The prenuptial agreement separates the properties of both couples. Any property that’s donated or inherited by a partner is exclusively his or hers. Another rule that you also have to remember is that the couple is not allowed to exchange properties to each other. If certain situations arise and the couple needs to separate, then they can keep their own properties and are only allowed to donate 1/5 of their property to each other.
Sharing is caring: Conjugal Property of Gains
But what if the couple didn’t sign the pre-nuptial agreement? What will happen to the properties that they own and will own? Then they are considered conjugal properties. Here are the major factors of the law Conjugal Property of Gains.
- Any property that the husband acquired before the marriage is exclusively his. This is also the law for the wife.
- But any property that they bought during their marriage is going to be owned by the two parties. They share the ownership to any real estate that they may buy.
- If the couple decides to separate, any property that the husband bought before the marriage will be exclusively his. The same thing goes to the wife. Meanwhile, the shared properties will still be equally owned by the two parties. Notarized written consent is needed from both parties if either one of them decides to sell the property.
What’s yours is also mine: The Family Code of the Philippines
However, the Conjugal Property of Gains is only going to affect those couples who got married before August 3, 1988. Married couples who tied the knot from that day to the present are no longer under that law. Today, we have The Family Code of the Philippines, signed by former president Cory Aquino. Under this law, if there’s no prenuptial agreement signed, the married couple’s properties before they wed are automatically co-owned. It is now under what we call the Absolute Community of Property. Below are the basics of this rule:
- All properties acquired before and during the marriage of both parties are now part of a single estate.
- Any property that’s donated or inherited by either of the parties are also going to be co-owned when they get married.
- Legal separation will not affect this regime. Both parties will continue co-ownership to their properties, unless the spouses will file a judicial separation of properties.
Traditionally, Filipinos do not believe in prenuptial agreements because some believe that it breaks the sanctity of the marriage. Though there’s nothing wrong with not signing anything before the wedding, it’s always a good thing to be open with options and to be knowledgeable on the laws that govern our real estate.
