Chapter 7 Flashcards by DAZ, KRISTEL ANN, P.

True or False:

Marriage settlements may fix the property relations during the marriage within the limits provided by the Family Code

True

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What governs the property relations between husband and wife in the absence of marriage settlements?

a. the couple’s mutual agreement
b. the provisions of the family code
c. the decisions of the court
d. the consent of both families

b. the provisions of the family code

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Which of the following is NOT one of the property regimes that future spouses may agree upon?

a. absolute community
b. conjugal partnership of gains
c. limited separation of property
d. complete separation of property

c. limited separation of property

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What property system applies to marriages contracted before August 3, 1988, in the absence of a valid marriage settlement?

a. absolute community of property
b. conjugal partnerships of gains
c. complete separation of property
d. mixed property regime

b. conjugal partnerships of gains

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What law took effect on August 3, 1988, changing the default property system for marriages?

a. The Civil Code of the Philippines
b. The Family Code of the Philippines
c, The Tax Reform Act
d. The Marriage Property Act

b. The Family Code of the Philippines

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The system of property relations where each spouse retains ownership of what they acquire before and during marriage but shares the gains

Conjugal partnership of gains

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The system of property relations that applied to marriages contracted on or after August 3, 1988, when there is no marriage settlement

Absolute community of property

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The law that provides the default property relations between husband and wife in the Philippines

The Family Code of the Phillipines

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Enumerate the 3 sources that determine the property relations between husband and wife

Marriage settlements executed before the marriage
Provisions of the family code
Local customs

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Enumerate the 4 property regimes that future spouses may agree upon in marriage settlements

Absolute community
Conjugal partnership of gains
Complete separation of property
Any other regime

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Under the regime of conjugal partnership o gains, which of the following is included as part of the conjugal property?

a. Properties acquired before the marriage
b. Properties acquired during the marriage through the industry of either spouse
c. Exclusive properties of each spouse
d. Properties inherited by either spouse

b. Properties acquired during the marriage through the industry of either spouse

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What happens to the net estate under the conjugal partnership of gains when one spouse passes away?

a. the entire estate goes to the surviving spouse
b. the conjugal partnership is dissolved, and the properties are divided equally
c. the exclusive properties become conjugal
d. the surviving spouse inherits everything automatically

b. the conjugal partnership is dissolved, and the properties are divided equally

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Which of the following is NOT deductible under ordinary deductions in estate taxation?

a. Funeral expenses
b. Medical expenses of the deceased
c. Family home deduction
d. Standard deduction

b. Medical expenses of the deceased

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What is the basis for computing the estate tax?

a. Gross estate
b. Net taxable estate
c. Exclusive properties
d. Conjugal properties

b. Net taxable estate

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Enumerate the 3 types of deductions allowed in estate taxation

Ordinary deductions
Special deductions
Exclusive deductions

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Enumerate the 2 types of properties under the conjugal partnership of gains

Conjugal property
Exclusive property

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What are the 2 main components of the gross estate under the conjugal partnership of gains?

a. Exclusive property of the decedent and conjugal property
b. Exclusive property of the surviving spouse and conjugal property
c. only the conjugal property
d. all properties owned before and during the marriage

a. Exclusive property of the decedent and conjugal property

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Which of the following is considered exclusive property of each spouse?
a. properties acquired during the marriage through joint income
b. property brought to the marriage as his or her own
c. property purchased with conjugal funds
d. property registered in the name of both spouses

b. property brought to the marriage as his or her own

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What happens if a spouse donates or transfers exclusive property to the other during the marriage?

a. it remains exclusive property
b. it must be recorded in the registry of property
c. it automatically becomes conjugal property
d. the other spouse must return it upon separation

b. it must be recorded in the registry of property

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What is the default assumption about property acquired during marriage under the conjugal partnership of gains?

a. it belongs to the spouse who earned it
b. it is presumed to be conjugal unless proven otherwise
c. it is divided equally regardless of ownership
d. it must be registered in both names to be considered conjugal

b. it is presumed to be conjugal unless proven otherwise

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The property regime where only the gains during marriage are shared between spouses

Conjugal partnership of gains

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a type of property that is acquired by either spouses before marriage or through gratuitous title

Exclusive property

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the term for benefits like pensions, annuities, and gratuities that are classified based on their acquisition

Retirement benefits

the legal process where a spouse can transfer exclusive property to the other

Public Instrument Registration

Enumerate 4 types of exclusive properties of each spouse

Property brought into the marriage Property acquired during marriage by gratuitous title Property acquired by right of redemption, barter or exchange with exclusive property Property purchased with exclusive money of the husband and wife

Enumerate the 2 components of the gross estate of a married decedent under the conjugal partnership of gains

Exclusive property of the decedent Conjugal property

Which of the following is considered conjugal property acquired during marriage? a) Property inherited by one spouse b) Property acquired by the labor, industry, or profession of either spouse c) Property received as a gift to one spouse d) Property owned before marriage

b) Property acquired by the labor, industry, or profession of either spouse

What determines whether life insurance proceeds are included in the gross estate of the decedent? a) The amount of the insurance b) The age of the insured c) The time the policy was taken and the source of premium payments d) The type of insurance policy

c) The time the policy was taken and the source of premium payments

If a life insurance policy was taken before marriage and premiums were fully paid by the decedent spouse, the proceeds are considered: a) Conjugal property b) Exclusive property of the decedent spouse c) Shared equally between both spouses d) Part of the conjugal estate

b) Exclusive property of the decedent spouse

What happens to life insurance proceeds if the policy was taken during the marriage? a) The proceeds are considered conjugal property b) The proceeds go entirely to the surviving spouse c) The proceeds are fully taxable d) The proceeds are automatically excluded from the gross estate

a) The proceeds are considered conjugal property

The classification of a property acquired through the labor, industry, or profession of either spouse during the marriage.

Conjugal Property

The term for life insurance proceeds when the policy was taken before marriage and premiums were paid with exclusive property of the decedent.

Exclusive Property

The type of property classification for winnings from gambling acquired by chance during marriage.

Conjugal Property (with losses borne exclusively by the loser-spouse)

The classification of proceeds from a life insurance policy if premiums were paid with both exclusive and conjugal funds.

Proportionately Exclusive and Conjugal

Enumerate three examples of conjugal properties acquired during marriage.

Property acquired by the labor or profession of either spouse Fruits or income from both common and exclusive property Property acquired through gambling winnings

Enumerate two factors that determine whether life insurance proceeds are conjugal or exclusive.

The time the policy was taken (before or during marriage) The source of premium payments (exclusive or conjugal funds)

True or False: The gross estate of a married decedent under the system of conjugal partnership of gains during the marriage is a mixture of his exclusive property and conjugal property

True

True or False: Not all property comprising the gross estate and not all deductions of an unmarried decedent are exclusive.

True

True or False: Marriage settlements may fix the property relations of spouses during the marriage within the limits provided by the Family Code.

True

True or False: Conjugal partnership of gains, absolute community of property and complete separation of property are all valid regimes that may govern property relations between spouses.

True

True or False: Under the regime of absolute community of property, the husband and wife place in a common fund the proceeds, products, fruits and income from their separate property and those acquired by either or both spouses through their efforts or by chance.

False

True or False: Under the regime of conjugal partnership of gains upon dissolution of the marriage or of the partnership, the net gains or benefits obtained by either or both spouses shall be divided equally between them.

True

False

True or False: Proceeds of life insurance policy payable to the insured's estate is always conjugal.

False

True or False: The construction of a tombstone or mausoleum shall be chargeable to the share of decedent-spouse

True

When a marriage settlement was not agreed upon and the marriage was contracted before Aug. 3, 1988, the marriage settlement shall be a. absolute community b. conjugal partnership of gains c. complete separation of property d. any other regime

b. conjugal partnership of gains

When a marriage settlement agreed upon was void and the marriage was contracted on or after Aug. 3, 1988, the marriage settlement shall be a. absolute community b. conjugal partnership of gains c. complete separation of property d. any other regime

a. absolute community

When there was no marriage settlement and the marriage was contracted on or after Aug. 3, 1988, the marriage settlement shall be a. absolute community b. conjugal partnership of gains c complete separation of property d. any other regime

a. absolute community

Which is not an exclusive property of a spouse? a. That which is brought to the marriage as his or her own. b. That which each acquired during the marriage by gratuitous title. c. That which is acquired by right of redemption. d. That which is purchased with the spouses' common fund.

d. That which is purchased with the spouses' common fund.

Which does not hold true when a spouse transfers administration of his exclusive property to the other spouse? a. A public instrument must be executed by the owner-spouse. b. The public instrument must be recorded in the registry of property. c. The administrator spouse becomes the owner of the property administered. d. The administration of the property by the administrator-spouse may be terminated

d. The administration of the property by the administrator-spouse may be terminated

Which is not true? The spouse with regard to his exclusive property a. cannot mortgage the same if he is not of age. b. may dispose of the same without the consent of the other spouse. c. may appear in court litigation concerning the same. d. cannot allow the other spouse to administer the same.

d. cannot allow the other spouse to administer the same.

Which is not a conjugal property? a. Those acquired by onerous title during the marriage at the expense of the common fund. b. Those purchased with the exclusive money of the husband c. Those obtained from profession of the wife. d. Industrial fruits from common property

b. Those purchased with the exclusive money of the husband

Which is not a conjugal property? a. Those acquired using the common fund for the use of the husband. b. Net fruits from exclusive property of the wife. c. Winnings from gambling by the husband. d. Those purchased with the exclusive money of the husband.

d. Those purchased with the exclusive money of the husband.

If policy was taken before marriage and premiums were fully paid by the decedent spouse, proceeds are a. partly exclusive b. partly conjugal c. the exclusive property of the decedent spouse. d. the exclusive property of the surviving spouse.

c. the exclusive property of the decedent spouse.

Net share of surviving spouse equals a. Gross conjugal property less charges against such conjugal property. b. Net conjugal property multiply by two. c. Net conjugal property divide by two. d. Net conjugal property divide by one-half.

a. Gross conjugal property less charges against such conjugal property.