According to the Family Code, a free title means a donation or inheritance. Succession is the transfer of property by will. Legal succession is the transfer of property without a will. The term free applies to documents, deposits and other contractual arrangements. A synonym for lucrative titles. It is property acquired during marriage without the use of marital work. It is therefore generally considered a separate property. The following are excluded from the regime of absolute community of property: (1) property acquired by you or your future spouse during your marriage through property free of charge, including fruits and income thereof; 2) property for each of your personal and exclusive uses and 3) property acquired by one of you before your marriage if one of you has legitimate descendants from a previous marriage, including fruits and income from that marriage. So, if your parents give property to you and you alone during your marriage, your future spouse will not be co-owner of this property, as well as the fruits and income derived from it. Please note, however, that taxes on donations are associated with the donation.
As a final note, you know that unless one of you can prove that you are excluded, any property you and your future spouse acquire during your marriage will be part of your absolute community assets. Your home, car, furniture, appliances, paints and more will belong jointly to you and your future spouse in the system of absolute community of ownership. The law provides that property relations between spouses are regulated in the following order: (1) by marriages contracted before marriage; (2) by the provisions of the Family Code and (3) by local customs. Answer: Since you are after August 3, 1988, when the Family Code of the Philippines was promulgated, and since you do not wish to enter into marriage agreements, you and your future spouse fall under the system of absolute union. As for the properties for each of your personal and exclusive needs, your future spouse will not own your toothbrush; So go ahead and buy the most expensive one. However, the jewelry will still be in the joint possession of you and your future spouse. You don`t have to get used to wearing jewelry yourself. Know that you will own them with your future spouse. (Efren Ll.
Cruz is a RFP Philippines Certified Financial Planner, Personal Finance Coach, Experienced Investment Advisor, and Bestselling Author. Questions about the item can be sent by SMS to 0917-5050709 or by email to [email protected]. To learn more about the tendering program, join a free orientation session at the PSE Centre on October 16 at 7 p.m. Email [email protected] or text 0917-3464126 to register.) A tip is something given by someone who is not obliged to give and can be used in connection with a bribe or tip. In your case, you are covered by the provisions of the Family Code. In the absence of marriage contracts, property relations between husband and wife are subject to the system of absolute community of property. The system of absolute communion of goods begins precisely at the moment of the celebration of your marriage. If you get married on the afternoon of your wedding day, you and your future spouse will fall under the regime of absolute community of property on the same afternoon. The third exclusion is intended to protect the rights of legitimate children and descendants of your previous marriage, if you have any. If we simply applied the system of absolute community of property, the rights of the children and descendants of your previous marriage, if you have any, could be affected.
The concept of husband-wife property relationships is really part of what is called estate planning. If you`d like to learn more directly from an estate planning lawyer, attend one of the remaining EnRich™ Estate Planning 2014 trainings, which will take place in Davao (October 3) and Manila (October 10). Email [email protected] or SMS 0917-5050709 for more details. Details about the training can also be found in www.personalfinance.ph. Absolute community of property means that you and your future spouse are co-owners of all the real estate that each of you will bring into your marriage, as well as those that you will acquire during your marriage. Even if you owned a sports car that you bought to impress the ladies on your bad days, your future spouse will be co-owner of that sports car once you get married. Question: I will get married soon. My future wife and I are not really fans of prenuptial agreements. Also, there`s really not much to include in the marriage contract.
How are our properties divided between us? – requested from EnRich™ Estate Planning Training Program Free comes from the Latin word gratuitus, which means without payment, spontaneous and voluntary.
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