Purchasing real estate while married allows you to avoid making financial and legal preparations. However, not all contracts are governed by the same set of norms or have the same structure for transferring ownership and succession.
When you get married, what strategy do you want to use to acquire real estate?
Is it still the case that the universal community contract is the most protective for married couples?
Marriage contracts have crucial implications when it comes to purchasing real estate as a married couple. There are two sorts of marriage contracts: a binding contract and a nonbinding contract.
- The community plans, which entail the administration of real estate and shared property assets.
- The separation regimes, which suggest that certain property belonging to one or the other spouse, will be transferred to the other spouse.
The marriage contract is thus significant because it will establish, among other things, whether the property belongs equally to the spouses regardless of the portion they contributed during the purchase, or whether the property belongs to one of them and the other up to the amount of their quota.
The communal regime is chosen by 80 percent of married persons, and it comes into effect automatically if the couples do not enter into a written marriage agreement. On the other hand, it is possible to amend the contract during the marriage by obtaining the approval of a notary public in advance. This is critical for the new condominium in Subang Heights.
There is no such thing as a common good under the system of property division.
When couples choose the regime of property separation, this implies that each of them has their own property, which they are responsible for managing on their own time. Because of this, there is no such thing as a common good in theory. In contrast, the spouses may jointly purchase real estate up to the amount of their contributions, and their contributions will be reflected in the legitimate deed of sale signed before a notary public, which will reflect the distribution.
There are two differences under the rule of the community reduced to acquiescence:
Because everything acquired before the marriage is considered to be its own patrimony and is not pooled, when the spouses choose a regime of community reduced to acquests, we can distinguish between two types of patrimonies:
- The personal patrimonies of each of the spouses, which include everything acquired prior to the marriage.
- The patrimony shared by both spouses, which consists of all the property acquired throughout the marriage, regardless of its kind or value, and the division of personal contributions made by each spouse.
Consequently, real estate obtained before the marriage will remain the property of the spouse who acquired it, but a residence purchased after the marriage will become the property of both couples, regardless of how much each spouse contributed to its acquisition. Note also that any choices made about family accommodations must always be accepted by both spouses before being implemented.
More articles like this here.