The separation of property is one of the options to establish a marriage regime at marriage. Like everything, it has its benefits and also its cons.
To understand well what the separation of property means, we should also understand the rest of the regimes by which a marriage can be guided, starting with what is known as a marital property company .
Nobody thinks about separation when it comes to forming a couple. In fact it is assured that living as a couple extends life , but, the reality is that at present, the average duration of marriages in our country slightly exceeds sixteen years. The regime chosen at the time of forming the couple will have a lot to do with how the separation develops .
In essence, the marital regime means that each spouse becomes the owner of half of the profits or benefits obtained from the moment of marriage .
This means that when one of the two spouses wishes to dispose of a good or sell a common good, they must have the approval of the other. However, it should be borne in mind that inheritances or donations received after the wedding, as well as personal assets prior to the wedding, do not have to be part of this regime of property . That is, they would be owned by the owner.
Separation of Property
In the separation of goods the operation is different . Each spouse comes to keep their assets independent. But, this also applies to those goods that are acquired after marriage. Therefore, when, for example, a property is acquired, each one owns according to the personal money contributed to the purchase .
When it is decided to choose this regime, it is necessary to grant the so-called marriage certificates . These are collected before a notary. Generally the separation of property is done before the wedding and, therefore, the notarial deed must be filed when the institution of marriage is made. In this way, the application of this regime is recorded.
We tend to think that the previous two are the only regimes by which a marriage can be guided. This is not the case, there is another option called profit sharing . Although it is neither well known nor very applied in our country. However, it is a widely used model in Europe.
In this figure there is really a mixture of the previous two . During the marriage it works in a similar way to the separation of property. However, at the time of the dissolution of the marriage it works closer to the general regime of marital property. Since, each spouse will participate in the other’s earnings.
When is the separation of goods interesting
Keep in mind that many factors come into play here . For example, in the case of profits, not only benefits are shared, debts are also shared . This means that the debts of a part of the marriage can affect the whole property of the couple . While, in the case of the separation of assets, they could only go against the debtor’s property.
However, the detractors of this option, value the moment of the possible dissolution of marriage . In this case, if one of the parties has evolved more economically than the other, this success is not shared, and an unfair situation can occur. For example when one of the parties has given up his professional career in favor of raising children .
What is important to know is that when no marriage certificates are granted, common law is applied by default . In general, in Spain, this would be the immediate application of property. Although we must take into account the autonomous community in which it resides.