Mastering Matrimonial Property Regimes: Exploring Types & Change Strategies
What is the matrimonial property regime? What types of matrimonial property regime exist? What are the advantages and disadvantages of each? Can I agree with my partner on the marital financial regime that best suits me?
In this article we answer all those questions and more.
What is the matrimonial property regime?
When a couple decides to get married, the marriage produces two types of effects :
- Personal effects : they include, among others, the following duties (which have general application throughout USA):
- Spouses must respect and help each other.
- Always act in the interest of the family.
- Live together, remain faithful and help each other.
- Share domestic responsibilities.
- Care and attention of ascendants and descendants and other dependents in their care.
- Patrimonial effects : they are related to the economic organization of the marriage, which is managed through the marital economic regime .
The matrimonial property regime is the set of rules that regulates how spouses administer and manage their assets (private and common) and how these relate to third parties outside the marriage.
Marital economic regime classes in USA
Our Family Code regulates 3 types of matrimonial property regime:
- community property
- Separation of Property
- Participation regime
Through the community property, the profits or benefits obtained indiscriminately by any of them are made common to the spouses, which will be attributed to them in half when the company is dissolved.
That is, once the marriage is contracted, all assets obtained during the marriage will be the property of both spouses . For example, the money acquired through work or the properties purchased will be community property.
Now, each spouse retains ownership of the assets acquired before the marriage .
In the event of separation or divorce , the marital assets will be distributed between the spouses in equal parts . This distribution is carried out through the liquidation of the community property .
Separation of Property
In the separation regime, the assets that they had at the beginning of the separation and those that they later acquire by any title will belong to each spouse. Likewise, the administration, enjoyment and free disposal of such goods will correspond to each one.
That is, each spouse is the owner of the assets acquired before or after the marriage . Now, both spouses must contribute to supporting the burdens of the marriage.
In the separation of assets, each spouse may dispose of their assets without the need for the consent of the other .
For example, one spouse may rent, sell or mortgage his or her property freely and without the consent of the other spouse. With one exception, the arrangement of the family home.
Our Family Code requires the consent of the non-owning spouse or, where appropriate, judicial authorization for the sale of the private family home .
In the participation regime, each of the spouses acquires the right to participate in the profits obtained by their spouse during the time in which said regime has been in force.
This matrimonial property regime works as a regime for the separation of assets during the marriage.
However, in the event of a divorce , each spouse will share in the profits earned by the other during the marriage .
Can the marital financial regime that best suits me be agreed upon with the couple?
Yes, in fact the matrimonial property regime will be the one agreed upon by the spouses .
The economic regime of the marriage will be that which the spouses stipulate in marriage agreements, without other limitations than those established in this Code.
How to agree on the marital financial regime with your partner?
Before getting married, you can stipulate the economic regime of your marriage, through marriage agreements .
It is a document granted before a Notary, a public deed of marriage agreements.
What happens if you do not agree on the marital financial regime with your partner?
In the majority of the USA Autonomous Communities, the regime that applies to marriage is the community property regime , in the absence of agreement.
In the absence of capitulations or when they are ineffective, the regime will be that of the community of property.
If once the marriage is celebrated, the spouses have not agreed on another matrimonial property regime, the community property regime will apply.
Can I change the marital property regime after marriage?
Yes, you and your spouse may agree on another matrimonial property regime different from the one that governs your marriage, through marriage agreements.
Marriage agreements may be granted before or after the marriage is celebrated.