If you finally found your soulmate and legalized your relationship through marriage, you will then have new and shared responsibilities as a newly wedded couple.
You would feel the need to talk about ‘couple’ things, from your finances, household duties, investments, buying a home or a starter condo for compact living, and discuss about the principle of shared property ownership.
Enter conjugal properties. Marriage in Philippine law is a legal contract that both parties must honor and promise to uphold. It’s about entering family life and making certain things, if not all, as conjugal or shared.
What exactly is a conjugal property, its exemptions, and other relevant information you need to know about as a couple, let’s get to the nitty-gritty details in this article.
If you’re interested in buying your first home in compact spaces, Asterra offers value-priced condominiums located in areas posed for growth. Read on about conjugal properties and vertical homes for your practical investment.
Conjugal Property Philippines: What is Considered Conjugal Property?
A conjugal property in the Philippines is any property owned by married couples or spouses. This becomes the case once you marry the love of your life. Either a part of your property or all will now be shared and considered owned not just by you but also your partner.
Under Article 116 of the Philippine Family Code, it states that a property acquired during marriage, regardless if it’s acquired or registered by one or both spouses, is considered shared or conjugal, unless there is a written agreement proving the contrary.
Exemptions are made if there has been a prenuptial agreement or a marriage settlement specifying what property, or properties, will be considered jointly owned and what will not.
A marriage settlement is legally binding agreement that, if signed, would indicate what properties acquired during marriage is shared or individually owned. This will be helpful to avoid future conflicts, such as divorce or legal separation.
But in the absence of that legal written agreement, this is where a property regime comes into the equation, which is an agreed-upon set of rules that married couples can refer to about their property relations.
Let’s explore more of its complexities and legalities by discussing the three different types of conjugal property regimes.
Types of Conjugal Property Regimes in the Philippines
Each conjugal property regime applies depending on the individual circumstances of the married couple. Here are the three main types:
Regime of Conjugal Partnership of Gains (CPG)
Let’s start with the most common type. A Conjugal Partnership of Gains is the default conjugal property regime for couples who got married on/before August 3, 1988 with no prenuptial agreement of any kind. In this regime, it suggests that marriage is about pure love, not by money or properties.
In other words, properties acquired during a couple’s married life is shared equally. Properties acquired before marriage, meanwhile, will be individually owned. Your spouse’s property acquired before marriage is his/hers and what you yourself acquired before marriage is yours.
Regime of Absolute Community of Property (ACP)
The second type is much like the Conjugal Partnership of Gains, wherein properties acquired on and after the permanent union will be shared and combined, making both spouses the owners of their individually and separately acquired properties, provided there is no prenuptial agreement that will tell them otherwise.
The only difference is that the Absolute Community Property regime applies to Filipino couples who tied the knot after August 3, 1988.
Regime of Complete Separation of Properties (CSP)
Finally, the Complete Separation of Properties applies for both present and future individual or shared ownerships of properties and earnings. The property separation can be made in total or partial, depending on the agreement. If there are certain properties agreed upon as not separate, the default property regime becomes the Absolute Community of Property.
In essence, whether one is an exclusive property or a separate property needs to be clearly spelled out in an agreement.
How are Conjugal Properties Divided During Separation?
While marriage is defined legally as a permanent union where couples promise to be with each other through both the good and bad times, partners do part ways through annulment, a legal separation, or by simply living apart from each other.
Conflicts also do arise involving real estate properties acquired over the course of one’s marriage, making it important to discuss conjugal and separate properties before and after tying the knot to avoid stressful legal conflicts down the road.
Judicial Separation
Having said that, even after deciding to end one’s marriage, the regime of absolute community still applies, unless there is a court-granted judicial separation of property or properties. For this case, a judicial separation may be filed and both parties must sign the document for the division of said properties.
A judicial separation is less expensive and stressful compared to annulments and legal separations, which could take longer. A judicial separation also does not legally end the marriage and is mainly concerned about the division of conjugal properties.
In fact, couples may file for a judicial separation of properties while remaining as a married couple living together. For professional advice, it’s best to consult with a lawyer to navigate your options and make a more informed legal decision.
A Conjugal Purchase of an Asterra Condominium
Deciding to marry your partner entails a legal responsibility. You now function as one who must make financial planning, condo investment, and family decisions together in order to keep your union strong. This includes talking about conjugal properties, such as purchasing a condominium for sale from Asterra.
Our selection of condos for sale comprise best-value-for-money amenities such as a gym, a community lounge, tranquil landscapes, and pool for your starter home.
Our condo Philippines in key provinces such as Laguna, Cavite, and Pampanga are also near establishments such as academic institutions from pre-K to college, dry and wet markets, healthcare facilities, and even local tourist spots for your family’s weekend getaways.
All of our complexes are situated in emerging locations in Greater Manila Area (GMA) and regional areas nationwide such as Cavite and Laguna. Our condos and their thoughtfully designed spaces for practical living are also nestled in open greens and growing cityscape.
It is the perfect personal sanctuary for a diverse variety of aspiring condo owners, including career-driven young professionals, small families, and overseas Filipinos.
If you have more questions about condo price Philippines and our condos for sale in general, you can send us a message through our website, email, or social media channels.
If you want a top-quality condominium that’s is relatively easy on the wallet, Asterra is your practical solution and the perfect condo brand to invest in. Get in touch with us today!
