The myth
Many people think that prenuptial agreements (or “prenups”) are just for celebrity or super rich couples, or those who plan to separate someday. But is this true?
First, let’s look at the effects of marriage. Under Philippine law, when you get married, your properties will also belong to your spouse and vice versa. In short, it’s “What’s mine is yours and what’s yours is mine.” This is the System of Absolute Community and it is the default.
A prenup is a legal contract between you and your spouse-to-be that lets you choose the alternatives to this.
The first is Conjugal Partnership of Gains. In this system, you and your spouse keep everything you own from before the marriage, and share everything after. If you separate, everything shared will be divided equally between you two.
The other is Separation of Property. Under it, you and your spouse don’t co-own anything unless you specifically want to.
Why do people believe it?
Nothing puts a damper on romance like talking about things such as property and money. Besides this, many features of having a prenup are meant to protect both parties in case the marriage doesn’t go well. Many Filipinos believe in “the one” and sharing everything shows real commitment.
Risks of believing this myth
Without a prenup, there can be messy fights over properties if a couple splits up. A prenup can also prevent confusing scenarios.
For example, let’s say you own a business that you’ve built up with partners. Without a prenup, if you get married, your spouse is suddenly a co-owner. That might not sit well with your business partners.
Without a prenup, the Family Code of the Philippines (E.O. 209) will be followed. That means, among other things, that the husband has the final say when it comes to decisions about the family’s property and money (Article 96). His wife will have to go to court if she disagrees.
Verdict: It depends
There are many reasons to have a prenup. It could help prevent complicated disputes about businesses and inheritance. It can also make things fairer for women. Finally, should a separation happen, it may keep things simpler.
Keeping properties separate can show that two people are getting married for love instead of money. On the flip side, there’s also the negative social perception of prenuptials. Some people might say it shows a lack of trust within the couple. There are also religious beliefs to consider.
All in all, whether to get a prenup depends on the couple and what they think is right for them.
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