What Is Prenuptial Agreement In Filipino

In the past, marriage contracts were almost unknown in the Philippines. Perhaps our aversion to this concept stems from our culture of modesty and false pride, as we tend to inflate our sense of self, but at the same time, we also pride ourselves on being generous and hospitable in the face of a mistake. However, we quickly realize that even matters of the heart have value – monetary value. Parents who want to ensure that their sons or daughters marry out of love (not because the other party is considering the inheritance or property 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. Apart from marriage contracts, it is the right time (in this month of Valentine`s Day) to recall that marriage is a special contract on the permanent union between a man and a woman, with the fundamental aim of establishing a conjugal and family life (Article 1 of the Family Code). The unique element of the Union`s sustainability means a continuous, developing and life-long 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, among other things, the determination of the parties to succeed in their marriage. In fact, marriage is not about money or property, but about sincere understanding, acceptance, cooperation, and support for each other – fortunately or unfortunately “until death, we separate!” A prenup is a contract between a man and a woman who want to determine the state of ownership that will govern their future marriage. Prenup is also known as a “marriage contract” or “prenuptial agreement.” Under the Family Code of the Philippines (which came into force in August 1988), unless a valid marriage contract has been concluded by the parties, the parties are subject to the regime of community of absolute property. Community property includes all property owned or acquired by the spouses at the time of marriage, with a few exceptions, such as. B property acquired during marriage through free property (i.e.

To be effective vis-à-vis third parties, they must be notarized and registered in the Register of Assets for the Protection of Creditors and in the Local Register of Civil Status. 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 the very least, it should include: registration is crucial, because a marriage contract affects not only the parties, but also third parties (such as creditors) who can enter into contracts with them. .

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