Question

In accordance with the provisions of the Family Code, particularly Articles 75-81 on Marriage Settlements, and Articles 143-146 on the Separation of Property Regime, consider the following scenario:

Scenario:

Tom and Lisa are a married couple who have decided to enter into a marriage settlement establishing a separation of property regime. Tom is a successful businessman with multiple assets, while Lisa is a professional artist who earns a moderate income. They want to protect their individual properties and avoid any potential disputes in case the marriage is dissolved.

Based on the given scenario and the relevant provisions of the Family Code, answer the following questions:

1. Explain the concept of a separation of property regime in marriage settlements, as provided under the Family Code.
2. Identify the requirements and formalities for creating a valid separation of property regime in a marriage settlement.
3. Discuss the effects and consequences of a separation of property regime on the rights and obligations of the spouses.
4. Examine the possible exceptions or instances where the separation of property regime may be disregarded or modified.