Matrimonial property participation separation property: how the 3 matrimonial economic relations differ from the point of view of personal finances.

Getting married is the legal confirmation of the consolidation of a couple and the union of 2 people.

However, the regime in which you marry can be very different in terms of personal finances, even if talking about it before marriage is unromantic. Of course, it is advisable to be very clear what implications it has, especially in case of rupture, if you have married in separation of property or in community. It changes, and a lot, with respect to the culture of saving.

In the first place, it should be noted that, in Spanish territory, each autonomous community has a matrimonial regime that applies in the event that there are no matrimonial agreements. In this sense, in most regions it is the community property.

Therefore, in the event that you want to get married under a different matrimonial regime than the one that applies by default, then you have to go with your partner to the notary to sign the specific capitulations.

Matrimonial property participation separation property

These can be initialled before or after marriage. If it is done prior to the wedding, it must be held within one year and will take effect after marriage. It should also be noted that, once signed, and even after the wedding, modifications can be made whenever the couple wishes.

This is nothing more than a contract independent of the celebration of the wedding, and valid for both civil and religious women. The economic rules of marriage are agreed upon by the spouses, although this is usually done only when a different regime is chosen from the one applicable by default in the region in which one resides.

However, one of the questions that can be asked is how each of the regimes differs and how they can affect your personal finances. Especially in case of divorce.

Matrimonial property participation separation property

Regime of separation of assets: what implications it has

It is not the most common, but more and more couples choose to marry in separation of property. What does this mean? Article 1.435 of the Civil Code states that this formula assumes that each spouse will have in his / her exclusive ownership the property he / she had at the time of the marriage and those he / she acquires after the marriage, as well as the income and income obtained during the marriage.

In this way, with this modality there are always 2 differentiated estates, one of each spouse, without the marriage modifying anything. This means that the risk is also separated within personal finances, since the couple's wealth is not exposed.

Likewise, the spouses must contribute with their income to maintain the marital burdens: household expenses, family expenses, housing, and a long etcetera.

Therefore, in case of divorce there would be no inconvenience from the patrimonial point of view, since the assets of each spouse would remain perfectly differentiated. There should be no specific distribution.

Matrimonial property participation separation property

Community property regime: what to consider

Articles 1,344 and 1,345 of the Civil Code regulate matrimonial property. In these articles it is explained that, in a joint-stock company, the benefits obtained by each of the spouses become common and will be attributed in half when the company capitulates.

Of course, the community of property begins with the celebration of marriage, or after it, when it is agreed in capitulations, so that not all goods become common.

The article 1.346 states that there are assets that are unique to each one of you: that you had before the marriage and during the marriage, receive, free of charge (donations and legacies); personal items and clothing that will not be of extraordinary value, and the instruments necessary for the exercise of his profession; compensation for damages granted to one spouse and the property is received to replace any of the above proprietary property.

The rest of the property would be joint property in equal parts: the income from work of either spouse, the returns produced by the private property and the joint property, as well as the property acquired for a consideration.

Therefore, in the event of a divorce or separation, the distribution of assets must be observed. Here, the experts in financial advice recommend receiving the advice of the experts to carry out proper planning and not have any economic problems arising from the marital breakdown.

Matrimonial property participation separation property

Participation regime: what it consists of and how it affects

Finally, the participation regime, which in practice is not common in Spain, is perfectly defined in articles 1.411 et seq. of the Civil Code.

Under this scheme, each spouse shares in the other & apos; s earnings while the marriage is in force. However, each person administers, enjoys and disposes independently of the property he or she had before the marriage and the property he or she acquires during the marriage (as in the case of separation of property).

Therefore, if a divorce or separation occurs, a settlement is undertaken to calculate the gains resulting from the differences between the initial and final assets of each separate spouse, taking into account the debts if any.

After having determined the profits that have been generated, a distribution is made between the 2 parties, where you will have to pay the other a share credit for having received more benefits throughout the marriage.

# Matrimonial property participation separation property #