Prenuptial Agreement in Philippines

Although divorce is not permitted under Philippine law, prenuptial agreements are permitted to « regulate property relations during marriage within the limits provided for in this code. » A prenup, as it is commonly called, refers to a « prenuptial agreement » or a « prenuptial agreement » under Executive Decree 209 or the « Family Code ». For a long time, a prenup was considered taboo and an affront to conservative circles for various reasons. However, a deeper understanding of one of the consequences of marriage – the property relationship between husband and wife – could lead you to have one and discuss it with your spouse. Registration is crucial because a marriage contract affects not only the parties, but also third parties (such as creditors) who may enter into contracts with them. If registered in the appropriate immovable property registers, creditors have the opportunity to know which matrimonial regime applies to the spouses. This information can be used by creditors when a debt collection case is pending and the spouses are designated as defendants in the case. The prenup may determine whether one or both spouses can be held liable to the creditor for unpaid obligations. A marriage contract is a formal contract that is concluded by two people and usually covers all of each individual`s property. It also defines the property rights that each person will have after marriage. Apart from marriage contracts, it is the right time (in this month of Valentine`s Day) to recall that marriage is a special contract of permanent union between a man and a woman with the fundamental aim of establishing a conjugal and family life (Article 1 of the Family Code). The unique element of the permanence of the association means a continuous, developing and lifelong relationship between the parties.

To this end, the parties must fully understand and accept the implications and consequences of permanent union in marriage. And maintaining this relationship requires, among other things, the determination of the parties to succeed in their marriage. In fact, marriage is not about money or property, but about understanding, acceptance, cooperation and support deeply felt for each other – fortunately or unfortunately « until death, we separate! » In order to avoid any confusion or dispute in the future about inheritance, the marriage contract must explicitly state what ownership regime the intended spouses want. It must be understood that in a system of Absolute Communion, all property belonging to the spouses (past, present and future) belongs to the Absolute Community and is divided equally between husband and wife (even if it is property inherited from a single spouse). According to article 96 of the Family Code, the administration and enjoyment of the Absolute Community is the responsibility of both spouses, but in case of disagreement, the husband`s decision prevails. If the wife objects to the husband`s decision, she must apply to the court. The perceived injustice of this regime makes it an undesirable choice of matrimonial regime – therefore, future couples choose to choose the property of the conjugal partnership in their marriage contract. The spouses retain ownership, possession, administration and enjoyment of their exclusive property, unlike absolute community of property, in which both spouses jointly manage even the exclusive property of the other spouse. The Family Code (Article 110) lists what is considered exclusive property: remember that a prenup must be made before the marriage, because agreements and modifications made after the ceremony (except in the case of judicial separation of property during the marriage) are considered invalid.

If the husband and wife want to change ownership, they must do so by filing a petition in court. In the marriage contract, the future spouses can count on the matrimonial regime of: A prenup is useful to have a lasting marriage. This will help avoid future disagreements about the property. Both future spouses are in the best position to decide which matrimonial regime is best for their marriage, as they are both aware of each other`s situation, property and preferences. For more information about marriage contracts, work with experienced legal experts who are familiar with family law. Contact Duran & Duran-Schulze Law today to speak with a legal expert. Call us at (+632) 478 5826 or email info@duranschulze.com to make an appointment. A marriage contract contains the conditions after the future spouses have determined, determined and modified their financial situation according to their wishes. Such an agreement must be entered into voluntarily and must be concluded in writing. Marriage contracts may be terminated due to lack of consent, coercion, error, fraud and undue or bad faith influence. The agreement must also be notarized and duly registered in the local register of civil status and the register of goods in order to be valid vis-à-vis third parties.

According to the word itself, a prenup must be performed before the wedding. After the marriage, the parties are not allowed to conclude a prenup, so any change in the regulation of the financial situation of the spouses can only be made with the approval of the court. A marriage contract is essentially a contract between the intending spouses that governs and establishes the rights and obligations of the parties with respect to all real estate, including future real estate to be acquired, that will be brought into the marriage by each party. Since a prenup is a contract, the conditions for the validity of contracts must also be met. Marriage contracts must be concluded voluntarily. They should be written. They can be set aside for lack of consent, fraud, coercion, error, undue influence or bad faith. In order to be effective vis-à-vis third parties, they must be notarized and registered in the appropriate property registers for the protection of creditors and in the local register of civil status where the marriage is concluded. The future spouses may choose to subject their marriage to the regime of absolute community of property, matrimonial partnership of profits, complete separation of property or any other regime, provided that this is agreed and actually concluded by them. Marriage contracts must be concluded voluntarily. They should be written. They can be set aside for lack of consent, fraud, coercion, error, undue influence or bad faith.

In order to be effective against third parties, they must be notarized and registered in the property register for the protection of creditors and in the local register of civil status. One. A title indicating that the document is a marriage contract b. The full names of husband and wife v. The date on which the document was written and signed, which must be d before the marriage. A clause stipulating that both parties were voluntary participants in the marriage contract and that they understood its contents. A full disclosure agreement f. A severability clause g. An arbitration or mediation clause h. The assets to be included in contract i.

The division of property as soon as the couple is married j. How to deal with the debts of husband or wife k. How property is divided in case of separation (either by partnership of matrimonial profitability or by complete separation of property), as well as other special conditions l. Measures to be taken in situations such as the death of the husband or wife or if one of the parties has an illegitimate child A marriage contract may determine which law determines the financial situation of the parties. In the absence of such a choice of law clause, Philippine law regulates these matters if one of the spouses is a Filipino citizen. However, the laws of the Philippines do not apply to properties located outside the Philippines. Article 16 of the Civil Code of the Philippines states that « both real property and personal property shall be subject to the law of the country in which it is located ». According to the Family Code of the Philippines (which entered into force in August 1988), the parties are subject to the regime of absolute community of property, unless they have concluded a valid marriage contract with the parties. Joint property includes all property that the spouses are at the time of marriage or that they have subsequently acquired, with a few exceptions, such as.B.

Inheritance), property acquired for the exclusive and personal use of the party, and property acquired before the marriage by a spouse who has legitimate descendants by a previous marriage. including fruit, as well as income, if any, from such property ….