Marital Property Agreements
If the common property of a deceased spouse is changed only by a will or other document that takes effect with the death, it is only for a surviving spouse if there are no children or if the surviving spouse is the parent of the children of the deceased spouse. Only a portion of the property separated from a deceased spouse is transferred to a surviving spouse. Where liability is based on the violation of a person or property caused by a spouse, the property separate from the spouse causing the injury and the entire community patrimony of the spouses, including potential accounts in the name of the other spouse, are liable for the debt. The property separate from the other spouse is not responsible for the debt. A couple can also opt for a contract as part of a comprehensive follow-up plan. An agreement allows the spouses to classify all real estate into matrimonial property, which simplifies the administration of the estate, as it eliminates the need to separate marital and individual property. In addition, after the death of a spouse, it will not be necessary to determine what marital property is and what individual property is. Conversely, spouses can use the agreement to qualify certain assets as individual, allowing them to easily bequeath the object to the desired beneficiary. Agreements can also offer tax benefits. Qualifying all of a couple`s assets as part of an estate plan will compensate for each spouse`s estate and will often allow the couple to maximize tax exemptions on the estate.
Finally, it is possible to add a provision that, at the time of their death, the spouses applied for contracts for all or part of their community patrimony. Often, future spouses have considerable assets, children from other marriages, partnerships or trade agreements, or other reasons why they feel it is important to enter into a marital patrimony contract before marriage defining the respective rights and obligations of each party. In many cases, these agreements help preserve and protect the surrenders of the parties, reduce litigation and future costs, and can be beneficial to both parties. Spouses may enter into a matrimonial property contract before or during the marriage. Spouses often enter into these agreements when they file uncontested divorce applications. These divorce agreements are often referred to as marriage reconciliation agreements. The parties agree on the essentials of determining who owns this before the divorce is concluded. In addition to matters related to a possible divorce, the parties may include provisions to assist a spouse and confirm the will of the will of the last will and the wills of the spouses in pre-marital or post-marriage contracts. A valid pre-marital or post-marriage contract may, by contract, eliminate the creation of a condominium by legally distributing the property of each spouse at the time of the acquisition, thus eliminating disputes relating to the distribution of wealth in the event of divorce.