How Do You Divide Conjugal Property When You Get Annulled?
It's not as simple as 50/50.
While we wait for the Philippine Divorce Bill to get its final approval by the Senate, there are still many couples currently going through (or seeking) legal separation or annulment.
Aside from the many painful moments both husband and wife might experience during the process, there is also the sticky situation of dividing any homes, condo units, lots, and other properties the couple have purchased. Here are a few important details to know:
Conjugal Property - what it means:
The law on Conjugal Partnership of Gains of Properties states that any property acquired by either spouse before they got married is exclusively his or hers. However, when they get married their exclusive properties are joined together as one estate with the Conjugal Property, and any “fruits” (i.e. income or increased value) from these properties should be shared between husband and wife.
What happens upon legal separation or annulment?
An inventory will be done of the exclusively owned properties and the properties the couple purchased together. Any debts or obligations incurred by the couple shall be deducted from the conjugal property, and the exclusive properties are delivered back to its respective owners.
The conjugal home shall go to the spouse with the kids.
According to Art. 102 and 129 of the Family Code, the conjugal dwelling or home shall be given to the spouse with whom the majority of the common children of the marriage are living with—that is, unless the both parties have otherwise agreed to another type of arrangement.
More on Realliving.com.ph