Among the various clients I have had, wealthy families in general want to ensure that wealth stays in their family by blood, that is, their children, grandchildren and the children of their grandchildren. Imagine a situation where a son/daughter who has been entrusted in the name of a family property marries. If the son/daughter facilitates an untimely death (without a marriage contract), the wealthy family could suddenly find themselves in a situation where their property is transferred for the most part – or even totally – to the surviving unrelated husband. Create and submit a marriage contract There is no strict format for establishing a marriage contract, but since it is a legal contract, it must be drafted in writing, since oral contracts are not considered binding. It must clearly indicate all the conditions that the husband and wife have with regard to their property. It should at least contain: according to the Family Code of the Philippines (which entered into force in August 1988), the parties, unless there is a valid marriage agreement concluded by the parties, are subject to the regime of absolute community of property. Community property consists of all property belonging to the spouses or subsequently acquired at the time of marriage, with a few exceptions, such as for example. B property acquired during the marriage through unpaid property (i.e. inheritance), property for the exclusive and personal use of the party and property acquired by a spouse before the marriage, who has previous conjugal offspring; including fruits and, where applicable, income from such property. Parents who want to make sure that their sons or daughters marry for love (and not because the other party is considering the inheritance or wealth of the future spouse) have resorted to marriage contracts. For some, this removes the romance of marriage and makes it “transactional.” A marriage contract in the Philippines must be signed by the parties and at least two minor witnesses before the marriage. Beyond marriage contracts, it is the right time (in this month of Valentine`s Day) to be reminded that marriage is a special contract on the permanent bond between a man and a woman, with the fundamental aim of establishing a conjugal and family life (Article 1, Family Code). The unique element of the Union`s sustainability means a permanent, evolving and lively relationship between the parties.
To this end, the parties must fully understand and accept the implications and consequences of a permanent marriage. And maintaining this relationship requires the parties, among other things, the determination to succeed in their marriage. Indeed, marriage is not about money or property, but about understanding, acceptance, cooperation and support for each other – fortunately or, unfortunately, “we separate until death!” A marriage contract can determine the law that determines the ownership of the parties. In the absence of such a choice clause, Philippine law governs these matters when a spouse is a Filipino national. However, the laws of the Philippines do not apply to real estate located outside the Philippines. Article 16 of the Civil Code of the Philippines states that “both real estate and personal property are subject to the law of the country in which it is located.” The marriage contract, in order to avoid any confusion or dispute in the future over inheritance, must explicitly state which property regime the future spouses wish.. . . .