Many couples who are together in their year (just the month) decide to get married because they feel, in every aspect, that they are ready to assume their responsibilities. Mentally, they think this is the next logical step, once they have reached a certain point in their relationship. Emotionally, they think they are mature enough to have children. And then there`s the physical aspect i`m-getting-any-younger. But if all you`ve done in financial terms is get stable jobs and save enough money to live on, you might also consider getting a marriage deal. Among the various clients I have had, wealthy families generally want to put in place protective measures to ensure that the wealth through blood stays with their loved ones, their children, their grandchildren and the children of their grandchildren. Imagine a situation in which a son or daughter, to whom the family patrimony has been entrusted, marries. If the son or daughter were to have an untimely death (without marital agreement, the wealthy family could suddenly find itself in a situation where its wealth is now largely transferred – if not entirely – to the unrelated surviving husband. Marital agreements must be concluded on a voluntary basis. They should be written down. They may be sidelined because of a lack of consent, fraud, coercion, error, inappropriate influence or bad faith. To be effective against third parties, they must be notarized and registered in the civil register of creditor protection and at the local town hall.
A marriage agreement (or prenup) is a contract between a man and a woman who want to establish the ownership regime that will govern their future marriage. The Prenup is also known as the “marriage regime” or “commitment agreement.” In the past, marriage agreements in the Philippines were almost unheard of. Perhaps our aversion to this concept comes from our culture of modesty and false pride that we tend to inflate our sense of ourselves, but at the same time we are proud to be generous and welcoming for a mistake. But we quickly realize that the issues of the heart also have value – the monetary value. So who needs a marriage deal? Just because you`re not a top couple who own a home in Forbes Park and the U.S. doesn`t mean you don`t qualify for a prenup. The following examples are when a marital agreement is useful: because of the differences between the absolute ownership community and the marital system of property regimes, it is important that future couples decide before marriage what ownership regime they want. A marital agreement is always desired to end disputes over property or heredation. A minor of marriage age (18 years and older) may enter into a marriage agreement, but this is only valid if the parents/caregivers agree and are parties to the marriage agreement.
Once a marriage agreement is reached, it cannot be amended unless it is amended before the marriage. After the marriage, a change in such a regime can only take place if: a) the absolute community or conjugal partnership has been dissolved and liquidated by separation decision; (b) reconcile spouses who were legally separated and agree to revive their former heritage regime; (c) the judicial separation of property took place on the grounds that one spouse leaves the other without physical cause or fails to fulfil his obligations to the family; (d) there has been a judicial separation of ownership within the meaning of section 135; (e) the spouses jointly applied for voluntary dissolution of their absolute community or conjugal partnership.