What Is Prenuptial Agreement In The Philippines
Creating and submitting a marriage contract There is no strict format for drafting a prenaptial agreement, but since it is a legal contract, it must be in written form, as oral contracts are not considered binding. It must clearly state all the conditions that husband and wife have with regard to their property. At least this should include: In the marriage contract, the future spouses can agree on the matrimonial regime of: As discussed in my previous article, the standard matrimonial regime between the spouses, in the absence of a marriage contract, is the absolute community of property (or the partnership for conjugal gain if she is married before August 3, 1988). Simply put, once married, what belongs to you or me is now ours. Countries have different laws regarding the ownership and disposition of real estate, especially real estate. A prenaptial agreement can simplify problems by defining the ownership of real estate in different countries. One of you has children from a previous relationship. If it is a second or third marriage for you or your spouse, there may be children who are heirs to property that one of you has already acquired. A marriage contract protects the interests of these children against previous marriages.
Remember that a marriage contract must be entered into voluntarily in writing. This agreement must be duly notarized and registered in the local civil registry. Note that prenutial agreements can be challenged in court for lack of consent, fraud, coercion, error, undue influence or bad faith. Prenutial agreements serve a good purpose for some couples, but ultimately, they can`t settle for open communication with your partner on financial matters. The important thing is that you see yourself on an equal footing when it comes to wealth management, and I hope this helps you be on the path to your “happy life after.” Marriage contracts are slowly gaining in importance in the Philippines. Previously, members of prominent families had to have a prenutial agreement before the wedding date. Now, with the growing number of Filipino-foreign relationships, the need to have a marriage contract has begun to make a name for itself. .