Question

Simone and Liam have been married for 10 years. Throughout their marriage, they have maintained a joint bank account where they deposit their salaries and other income. Recently, they have been having marital difficulties and are considering the possibility of separating their properties and finances. They have heard about the concept of judicial separation of property and are curious about its implications.

In the given scenario, answer the following questions:

1. What is judicial separation of property? Explain its concept and purpose based on the provisions of the Family Code.
2. What are the grounds for judicial separation of property as provided by the Family Code? Discuss each ground and provide an example for each.
3. Assuming Simone and Liam decide to pursue judicial separation of property, what legal process should they go through? Discuss the steps and requirements for obtaining judicial separation of property under the Family Code.
4. What are the effects of judicial separation of property on the rights and obligations of spouses? Explain how the separation affects their ownership and management of property as well as their financial responsibilities towards each other.
5. Can the spouses still reconcile after obtaining a judicial separation of property? Discuss the options available to them if they wish to reunite and consolidate their properties and finances.