Matrimonial Agreement in the Philippines: What You Need to Know

Getting married is a significant milestone in any person`s life. Along with it comes several legal and financial implications that would affect both spouses in the long run. That is why it is essential to have a clear understanding of the legal concept of matrimonial property and how it affects your assets in the Philippines.

A matrimonial agreement is a legal contract between spouses, where they define and regulate the ownership and management of their property during and after their marriage. This agreement can be made before or after the marriage takes place.

In the Philippines, the Family Code governs the property relations between spouses. Under this law, there are two types of matrimonial property regimes that apply to all marriages: the absolute community of property and the conjugal partnership of gains.

The absolute community of property regime applies when the spouses don`t have a marital agreement before getting married. This means that all property acquired by either spouse during the marriage belongs to both spouses equally. It includes the fruits, income, and other benefits derived from the property during the marriage.

On the other hand, the conjugal partnership of gains applies when the spouses have a prenuptial or postnuptial agreement. Under this regime, the spouses can choose which properties will be part of the conjugal partnership and which ones will remain separate. It means that each spouse retains ownership of their respective properties while the conjugal partnership owns the properties that they acquired during the marriage.

The primary purpose of a matrimonial agreement is to protect each spouse`s legal and financial interests. It ensures that both parties understand their property rights and obligations before and during the marriage.

For example, a husband who owns a business before the marriage may want to ensure that his wife won`t have any claim to his company`s shares should they get divorced. By having a prenuptial agreement, the husband can protect his business interests and ensure that his wife won`t have any legal right to the assets he acquired before the marriage.

In summary, a matrimonial agreement is an essential legal document that every married couple should consider. It protects the interests of both parties and ensures that all property rights and obligations are clear and well-defined. Whether you`re planning to get married or already married, seeking legal advice from a trusted lawyer in the Philippines can help you understand and navigate the legal complexities of matrimonial property.