Question

Ms. Martinez and Mr. Lopez got married without executing any marriage settlement. They both have successful careers and substantial assets. After a few years of marriage, they started having financial disputes and decided to separate their properties. They want to establish a separation of property regime to govern their assets.

Discuss the following:

1. What is a separation of property regime under the Family Code? Explain its main features.
2. What are the requirements for the validity of a separation of property regime? Discuss.
3. Ms. Martinez is concerned about the effectiveness of the separation of property regime in protecting her assets. What rights and obligations does each spouse have under a separation of property regime? Discuss.
4. Can Ms. Martinez and Mr. Lopez agree to modify or terminate their separation of property regime? If so, how can they do it? Explain.
5. In case of divorce or legal separation, what happens to the properties acquired during the marriage under the separation of property regime? Discuss.