The law offers future spouses a choice as to which matrimonial regimes should regulate their property.
- The Community of Acquests (COA)
- The Community of Residue under Separate Administration (CORSA)
- The Separation of Estates
The COA applies as the default regimes immediately after the celebration of marriage. If future spouses opt for a matrimonial regimes other than the COA, that regimes must be set up by means of a public deed before a Notary. Also, if the spouses decide to change their matrimonial regimes after they have celebrated their marriage, they could do so by first obtaining authorisation from the Court of Voluntary Jurisdiction.
Under this regime, anything acquired after the celebration of marriage will form part of the COA and therefore, owned and administered by both. Excluded areany donations, inheritance, and any property acquired before marriage.
Under the system of CORSA, any property acquired during marriage by each of the spouses will be held and administered by the spouse by whom such acquisition is made, as would an exclusive owner. However, upon the termination of the marriage, the residue left will be deemed to belong to the two spouses in equal shares.
Separation of Estates
The Separation of Estates is a system whereby each of the spouses retains his or her estate, as well as full control and administration over them. No common regimes operates during the subsistence of the marriage. Therefore there is a complete separation of income-there is one family, but economically two separate individuals.
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