Marriage Agreements are a subject that is not frequently discussed, but they are a very important tool for couples who are getting married or planning to get married. In this article, we will talk about what Marriage Agreements are, how they work, what elements they should include, and much more.
What are the marriage contracts?
They are a legal contract that is established before the marriage between the future spouses, in order to regulate the patrimonial consequences of the marriage. This contract establishes the matrimonial economic regime that will govern the economic and financial relations of the spouses during the marriage and in case of separation or divorce.
What are Marriage Agreements used for?
They serve to protect the assets and assets of each of the future spouses in the event of separation or divorce. In addition, they establish the financial and patrimonial obligations of each of the spouses during the marriage.
What elements should they include?
They must include several elements, such as the matrimonial economic regime that will govern during the marriage, the distribution of assets in the event of separation or divorce, the administration of common assets and the possible existence of private assets.
What types of matrimonial economic regime exist in Spain?
In Spain there are three types of matrimonial economic regime: the joint venture, the separation of assets and the participation in profits. The joint venture is the most common regime and is established by default if there are no Marriage Agreements. This regime implies that everything acquired during the marriage belongs equally to both spouses. On the other hand, in the regime of separation of property, each spouse maintains her patrimony separately. Finally, in the profit sharing regime, a joint venture is established during the marriage and at the time of separation or divorce, it is liquidated and distributed according to the profits that each one has obtained.
How are Marriage Agreements established?
They are established before a Notary, who drafts and authorizes the document. Each spouse must be assisted by a lawyer so that the validity of the contract is guaranteed. The Notary is in charge of registering the document in the Civil Registry.
Is it possible to modify them once established?
Yes, it is possible to modify the Marriage Agreements once established. To do this, a new contract must be made before a Notary Public and the new document must be registered in the Civil Registry.
What happens if they don’t settle down before marriage?
If they are not established before the marriage, the community property regime will be applied by default. It is important to take into account that this regime may not be the most appropriate for all couples, so it is recommended that Marriage Agreements be established to regulate the economic and financial relations of the spouses.
When can they be established?
The Marriage Capitulations can be established at any time before the celebration of the marriage. It is important to note that once the marriage is celebrated, it is no longer possible to establish the Marriage Agreements.
What is the cost of establishing Marriage Agreements?
The cost varies depending on the complexity of the contract and the notary fee. In general, the cost of establishing Marriage Agreements is lower than the cost of a divorce.
Who can establish Marriage Capitulations?
Any couple who is getting married or planning to marry can establish Marriage Agreements. It doesn’t matter if it’s the first time you’re getting married or if you’ve been married before.
Are they necessary for all couples?
They are not required for all couples, but are highly recommended if one or both spouses have prior wealth, if one or both spouses have debt, if one or both spouses have a business, or if one or both spouses have children from previous relationships.
What happens if a couple divorces and does not have Marriage Agreements?
If a couple divorces and does not have Marriage Agreements, the community property regime will be applied by default. This means that all property acquired during the marriage belongs equally to both spouses, and must be divided equally in case of divorce.
Can Marriage Agreements be challenged?
Yes, Marriage Agreements can be challenged if they do not meet the legal requirements or if it is shown that they have been established under duress or deception.
Are Marriage Agreements valid all over the world?
No, they are valid in the country where they are established and registered. If the couple moves to another country, the Marriage Agreements may not be valid or may need to be modified to comply with the laws of the new country.
In conclusion, Marriage Agreements are a very useful legal tool for couples who are getting married or are planning to do so. Establishing them makes it possible to regulate the economic and financial relations of the spouses during the marriage and in the event of separation or divorce, and to protect the patrimony and assets of each spouse. It is important to take into account that they must be established before the marriage is celebrated and that their cost is less than the cost of a divorce.
It is recommended that all couples consider the possibility of establishing them to protect their assets and assets in case of separation or divorce. While they are not necessary for all couples, they can be especially important for those who have prior wealth, debt, businesses, or children from prior relationships. By establishing them, couples can have peace of mind knowing that their assets and assets are legally protected and regulated.