Matrimonial property regime it’s a legal status that regulates the economic relation in a marriage between spouses and third parties.
This regime its of huge importance,especially in cases of marital separation, divorce and in succession rights (mortis causa) like inheritance; although it also can have great repercussion to third parties in cases of bankruptcy ofone of the spouses.
There are 3 kinds of matrimonial property regime´s established in the Spanish Civil code:
1) Community Property: According to this regime, once the marriage had been celebratedit forms a community of assets, composed by the denominated marital property which, in case of dissolution must be divided between the formal spouses.
2) Separation of Goods
3) Sharing RegimeIn Spain the system by default it´s the one of Marital Partnership, though there can be various reasons to choose a different one due to:
* Difference between wealth and income of spouses atthe time of celebrating marriage.
* The existence of equity risk in one of the spouse’s profession.
* The existence of children fruit of a previous relationship.
Through thiskind of regime both wife and husband property becomes common after celebrating matrimony (both earnings and benefits). If this community of property dissolves each of the spouses will receive half of theso called marital property.
Community Property is composed of 3 different types of properties as stated in the Spanish Civil Code:
1) Husband private property
3) Wife private property
Marital Property (Spanish Civil Code Art.1347)
* The ones obtained from industrial or professional work of any of the spouses.
* Profit, rent orinterests that are fruit of both Husband/wife private properties as from marital property.
* The ones obtained by common income
* Companies or establishments founded during the society by any of...