Question

Alex and Maria are married without any marriage settlement. They recently acquired a residential property, registered under their names as co-owners. They are now considering the possibility of separating their assets to protect their individual interests. They seek your advice regarding the separation of property regime under the Family Code of the Philippines.

1. What are the requirements for a valid separation of property regime under the Family Code? Explain.
2. Assuming Alex and Maria decide to proceed with a separation of property regime, what are the effects and consequences of this arrangement? Discuss.
3. Can Alex and Maria modify or revoke the separation of property regime after it has been established? If so, under what circumstances and procedures can they do so? Explain.
4. If Alex and Maria decide to dissolve their marriage, what happens to their properties under the separation of property regime? Discuss the rights and obligations of each spouse in the disposition and distribution of their properties.
5. What happens if Alex and Maria fail to comply with the requirements and formalities of the separation of property regime? Discuss the possible consequences and remedies available to them.