Question

Carol and David got married in the Philippines without executing any marriage settlement. After 10 years of marriage, they find themselves facing financial difficulties and want to protect their individual assets. They decide to change their matrimonial property regime to an Absolute Community of Property regime.

Discuss the steps that Carol and David need to take in order to change their matrimonial property regime from their current regime to an Absolute Community of Property regime, as provided under the Family Code.

1. Explain the concept of matrimonial property regime and its importance in the context of marriage in the Philippines.
2. Define the Absolute Community of Property regime under the Family Code, particularly focusing on the rights and obligations of spouses under this regime.
3. Discuss the process that Carol and David need to undertake in order to change their matrimonial property regime to an Absolute Community of Property regime. Include the necessary documents, forms, and legal requirements, as well as any fees or taxes that may be involved.
4. Identify any limitations or restrictions that may apply to changing the matrimonial property regime, and explain any potential implications or consequences that Carol and David should consider before proceeding with the change.