CHAPTER 7 Flashcards
It may fix the property relations during the marriage within the limits provided by the family code
Marriage Settlement
The future spouses may, in the marriage Settlement agree upon any of the following regimes: (4)
Absolute community
Conjugal partnership of gains
Complete separation of property
Any other regime
The system of_____ under the civil code of the Philippines shall govern marriages contracted BEFORE August 3, 1988
CONJUGAL PARTNERSHIP OF GAINS
The system of _____ shall govern marriages contracted ON OR AFTER aug. 3, 1988
Absolute Community
Under this regime, the husband and wife place in a COMMON FUND the proceeds, products, fruits, and income from their separate property
CONJUGAL PARTNERSHIP OF GAINS
Under Conjugal (CPOG), upon dissolution of marriage, the gains or benefits obtained by either or both spouses shall be __________between them.
Divided EQUALLY
The conjugal partnership shall be governed by the rules on the ____ of partnership that it is not in conflict with what is expressly determined in FAMILY CODE
Contract
It is the basis for computation of ESTATE TAX
Next estate subject to tax or net taxable estate
What falls under CONJUGAL
Family home
Real Properties
T or F
Family Home is ALWAYS part of the conjugal estate
F
Because it may be an exclusive part of either spouse
(7-2 for reference)
Family Home and Standard deduction fall under
SPECIAL DEDUCTIONS
The gross estate of a married decedent under the system of conjugal partnership of gains during the marriage shall be composed of the following:
Exclusive property of the decedent
Conjugal property
Exclusive property of each spouse
- That which is BROUGHT to the marriage as his or her own
- That which each ACQUIRED during the marriage by gratuitous title
- That which is acquired by RIGHT OF REDEMPTION, by barter or by exchange with property belonging to ONLY ONE of the spouses
- That which is PURCHASED with exclusive money of the wife or of the husband
The spouses ______ the ownerships, possession, administration, and enjoyment of their exclusive property
RETAIN
T or F
Winning from gambling by the husband is not CONJUGAL PROPERTY
False
PANALO MO, PANALO KO!
TALO MO, AKUIN MO!
T OR F
PART OF EXCLUSIVE:
Retirement benefits, pensions, annuities, gratuities, usufructs.
T
T OR F
Is a spouse of age MAY MORTGAGE his or her exclusive property, WITHOUT the consent of the other, and appear alone in COURT?
T
But morally and for the sake of the marriage it should be “with consent”
All property acquired during the marriage whether the acquisition appears to have been made, contracted or registered in the name or bothe spouses is presumed to be conjugal unless the contrary is proved.
CONJUGAL PARTNERSHIP PROPERTY
CONJUGAL PARTNERSHIP PROPERTY INCLUDES;
- Those ACQUIRED by ONEROUS TITLE during the marriage at the expense of the common fund.
- Those OBTAINED from the labor, industry, work or profession of either or both of the spouses.
- The FRUITS, NATURAL, INDUSTRIAL, OR CIVIL, due or received during the marriage.
- The SHARE of either spouse in the HIDDEN TREASURE
- Those acquired through OCCUPATION such as fishing or hunting
- LIVESTOCK existing upon the DISSOLUTION of the partnership in excess of the no. o each kind of brought to the marriage by either spouse.
- Those which are AQUIRE BY CHANCE, such as winnings from gambling it betting. HOWEVER LOSSES therefrom shall be BORNE exclusively by the loser-spouse
Proceeds of life insurance policy to the insured’s estate may be_____
Conjugal or Exclusive character
If the policy taken BEFORE the marraige and the premiums were FULLY paid by the decedent spouses, proceeds are
EXCLUSIVE PROPERTY
If the policy taken BEFORE the marraige and premiums were fully paid with the exclusive property of the surviving spouse, proceeds are
Exclusive property
If the policy taken BEFORE the marraige but premium paid partly with exclusive and partly with conjugal funds during the marriage, Therefore…
Proportionately exclusive and conjugal
If the policy taken DURING the marraige, proceeds are
CONJUGAL
T or F
The one half Share of the surging spouse in the proceeds is INCLUDED in the taxable gross estate
F
Excluded
Deduction from gross estate
- STANDARD DEDUCTION equivalent to 5,000,000
- Claims Against the estate
- Claims of the Deceased Against Insolvent persons
- Unpaid Mortgages, taxes, and Casualty Losses
- Property previously taxed (PPT)
- Transfer for public use
- Family home (10,000,000 MAX.) and must be part of the CONJUGAL PARTNERSHIP PROPERTY or EXCLUSIVE PROPERTY of either spouse
- Amount received by HEIRS under R.A. ACT NO. 4917
- Net share of the surging spouse in the CONJUGAL PARTNERSHIP or COMMUNITY PROPERTY. ( Gross conjugal estate LESS charges against such conjugal estate EQUALS conjugal estate — Net conjugal estate DIVIDED by TWO or multiply by ½ EQUALS net share of the surving spouse
