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  • Property Relations and Prenuptial Agreements in The Philippines

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    celomet
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    The System of Absolute Community (or ACP) is a "template" in Philippine marital property relations. Husband and wife place in a common fund the fruits of their separate property, and the income from their work, industry or by chance. The Regime of Separation of Property (or CSP - Complete Separation of Property) allows each party to contribute to the family expenses proportionately with his or her income or value of his separate property.

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    Property Relations and Prenuptial Agreements in the Philippines

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    The System of Absolute Community (or ACP) is a "template" in Philippine marital property relations. Husband and wife place in a common fund the fruits of their separate property, and the income from their work, industry or by chance. The Regime of Separation of Property (or CSP - Complete Separation of Property) allows each party to contribute to the family expenses proportionately with his or her income or value of his separate property.

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    Attribution Non-Commercial (BY-NC)
    Téléchargez comme PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    80 vues2 pages

    Property Relations and Prenuptial Agreements in The Philippines

    Transféré par

    celomet
    The System of Absolute Community (or ACP) is a "template" in Philippine marital property relations. Husband and wife place in a common fund the fruits of their separate property, and the income from their work, industry or by chance. The Regime of Separation of Property (or CSP - Complete Separation of Property) allows each party to contribute to the family expenses proportionately with his or her income or value of his separate property.

    Droits d'auteur :

    Attribution Non-Commercial (BY-NC)
    Téléchargez comme PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
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    March 27, 2012

    Property Relations and Prenuptial Agreements in the Philippines


    March 26, 2012 By Admin Leave a Comment

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    BeforehavingyourprenuptialagreementsdoneinthePhilippines,itmaybehelpfultounderstand the different regimes which may govern the property relations of spouses in the country, as listed in the Family Code of the Philippines. The System of Absolute Community (or ACP Absolute Community of Property) This regime is a templatein Philippine marital property relations, meaning that if the spouses do not have a valid marriage settlement (or prenup) prior to the marriage celebration, this system will automaticallygovernthepropertyrelationsofthecouple.Thisisthetemplateregimebecauseitis more in keeping with Philippine custom and family unity. In the ACP, spouses become co-owners of all property they bring into the marriage and those acquired by each or both of them during the marriage, save for the exceptions expressly enumerated bylaw.Atthedissolutionofthemarriage,thespousesortheirheirsshallequallydividethe community assets and liabilities.

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    The Conjugal Partnership of Gains (CPG) In this system, husband and wife place in a common fund the fruits of their separate property, and theincomefromtheirwork,industryorbychance.Upondissolutionofthemarriage,thenetgains of the partnership shall be divided equally between the parties, unless a different manner of division has been agreed upon by them in their prenuptial agreement. The Regime of Separation of Property (or CSP Complete Separation of Property) Under this regime, the parties retain ownership, management and control of their separate property and those they acquire during the marriage, together with the fruits and accessions of their separate property.Eachpartyisalsowhollyresponsibleforhisorherliabilities.Thespousesareonly required to contribute to the family expenses proportionately with their income or value of his properties. Following an understanding of the property regimes for spouses in the Philippines, the marrying couple can now decide on the terms they wish to appear in their prenuptial agreement. In the prenuptial agreement, the future spouses may agree on the property regime of:
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    Absolute Community of Property (ACP); Conjugal Partnership of Gains (CPG); Complete Separation of Property (CSP); A combination of the above regimes; Any other regime, as long as it is not contrary to law, morals, good customs, public order or public policy.

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