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DSLaw Family Law Series
WHAT IF I’M RICHER THAN MY FUTURE SPOUSE? [Understanding the Different Types of Property Regime under the Family Code of the Philippines]
For couples, once the engagement ring comes into the scene, there are countless things to prepare. They canvass the number of guests, the reception, the caterer, and other details for their precious wedding day. However, couples often forget one of the indispensable things a union requires – settling finances. How do you talk about that delicate “money matter” with your future spouse?
Supposed that the groom owns PhP5,000,000 and the bride owns PhP500,000. At the time of the celebration of their marriage, the groom and the bride are actually saying, “I do’s” not only to their marriage. Practically speaking, the groom is also declaring, “I do give you my PhP5,000,000 and I do accept your PhP500,000.” In the same vein, the bride is likewise professing that, “I do give you my PhP500,000, and I do accept your PhP5,000,000.”
Yes, in the absence of a pre-nuptial (or ante-nuptial) agreements, the Family Code of the Philippines provides that the property regime of the husband and wife is that of an Absolute Community of Property.
By an ante-nuptial settlement or agreement, the parties may define their property rights in property existing or after acquired, and they may vary substantially property rights that would otherwise arise on their marriage by operation of law.[1]
The Family Code of the Philippines has set three types of property regime:
a. In Absolute Community of Property, all of the property owned by the spouses at the time of the celebration of the marriage and those acquired during the marriage belong to them. Philippine Law assumes this property for all marriages unless the parties entered into a prenuptial agreement.[1]
b. In Conjugal Partnership of Gains, the spouses retain ownership of their separate property. However, the proceeds of their separate property shall belong to them. Properties acquired during the marriage fall under the Conjugal Partnership of Gains.
c. In Separation of Property, each spouse has complete control and ownership of their respective properties.
[1] 41 Am. Jur. 2d 233, 234.
[2] Pana v. Heirs of Juanite, Sr., G.R. No. 164201,(2012).
How Can We Help?
As the Solicitor General represents the Government of the Philippines, you, as interested party shall engage your own legal counsel.
Our lawyers at Delloro & Saulog Law Offices can represent you as your counsel for your marriage and family concerns. We will guide you through the step-by-step processes in court and ensure that you are equally protected as well.
For more information on how we can help you, book a consultation with us below.
Delloro & Saulog Law Offices 