Marry separate or joint assets? Consider these points before deciding
August 11, 2019
Marriage is not just an act of emotional union between the couple and a base where a family is founded. It also implies the establishment of a society of economic and pecuniary interests, governed as determined by the couple. In order to analyze this union from this perspective, we indicate below that it involves marrying separate or joint assets.
The patrimonial regime in marriage is the set of norms that establish and demarcate the economic-financial interests of marriage. This includes both intermarital relations between husband and wife, as well as their relations with third parties.
What are separate assets and joint assets?
The words separate property and joint property are two common ways of referring to different types of marital property regime. The first is used to refer to the regime of separation of assets, and the second, to the regime of society of property. The main features of these are:
Asset separation regime
- Each member of the marriage fully preserves the ownership, administration and disposition of their current and future assets. As well as the fruits and products thereof.
- Each spouse is the sole guarantor of the debts of an individual nature, which he contracts during the marriage. Likewise, it responds with its own assets to lawsuits and other legal actions that imply the seizure of capital and / or assets.
What considerations should I have when choosing a wealth regime?
- Each member of the marriage fully retains ownership, administration and disposition of their current assets. However, its fruits and derivatives become part of the social capital of marriage.
- The assets acquired during the marriage are jointly owned by the spouses, in equal parts.
- Both spouses are guarantors of debts of an individual or conjugal nature, incurred during the marriage. Likewise, they respond with their own and common heritage, to lawsuits and other legal actions that imply the seizure of capital and / or assets.
First of all, you should keep in mind that the decision of which regime to take, you must make in consensus with your partner. Only you can determine if, in your particular case, you should choose separate or joint assets. However, keep these aspects in mind at that time.
If it is a young couple, where none currently has property, the option of joint ownership is better and more just. This saves the time and money involved in registering the property separation regime.
If you and / or your partner carry out activities with risk of demand due to professional malpractice, the separation of assets can protect the assets. In case of seizure, the assets of the non-seized couple will be safe.