Question

In a marriage settled under the Absolute Community of Property regime, both spouses jointly own all the properties acquired during the marriage, including those acquired by gratuitous title, except for those specifically excluded by law.

Consider the following scenarios:

1. Tony and Lisa got married and decided to settle under the Absolute Community of Property regime. During their marriage, Tony inherited a large sum of money from his deceased parents. The couple used a portion of the inheritance to purchase a house and lot. They also invested the remaining amount in a joint business venture. Unfortunately, the business venture failed, resulting in substantial financial losses. Tony is now seeking legal advice regarding the consequences of the failed business venture.

2. Mark and Joanna are a married couple who also opted for the Absolute Community of Property regime. During their marriage, Mark received a generous monetary gift from his grandparents. He decided to put the money in a savings account under his name only. Unfortunately, a few years later, Mark encountered financial difficulties and accumulated significant debt. Creditors are now seeking legal action to collect the debt from Mark's assets.

Based on the given scenarios and the provisions on the Absolute Community of Property regime, discuss the following:

1. What will be the effect of the failed business venture on Tony and Lisa's properties under the Absolute Community of Property regime? Cite the relevant provisions of the Family Code.
2. Can Mark's creditors collect the debt from the funds he received as a gift under the Absolute Community of Property regime? Explain your answer, referring to the applicable provisions of the Family Code.