Main Topic: Liquidation of the Conjugal Partnership
Sub. Topic: Chapter 4 Conjugal Partnership of Gains
Art. 179. Upon the dissolution of the conjugal partnership, an inventory shall be formed, but such inventory shall not be necessary:
(1) If, after the dissolution of the partnership, one of the spouses should have renounced its effects and consequences in due time; or
(2) When separation of property has preceded the dissolution of the partnership.
Discussion/Explanation:
This article tells that upon the dissolution or disintegration of conjugal partnership, it is needed that all assets should be known or inventoried. The conjugal partnership will be terminates upon the death of either spouse, when there is a decree of legal separation, when the marriage is annulled or declared void, or in case of judicial separation of property during the marriage settlement. Liquidation of properties is base on the agreement of the couple they settled before their marriage.
In such example of settlement of conjugal estate it will be when the marriage is dissolved by the death of the husband or wife, the community property shall be inventoried, administered, and liquidation, and the debts thereof paid, in the testate or intestate proceedings of the deceased spouse. But if both spouses have died, the conjugal partnership shall be liquidated in the testate or intestate proceeding of either.
Some instances that shall not be necessary in such inventory of conjugal partnership are if one of the spouses should have renounced its effects and consequences in due time, and when separation of property has preceded the dissolution of the partnership. It just one thing that it may be one of them will disown the consequences upon the inventories for just making sure and valuing on what property they have, before he/she married. Otherwise, if they already settle it upon separation of property or getting their own share before they marrying each other and now after a year of living with each other, if they decide to null their marriage or within the death on spouse, they already made an agreement. They just protecting the property on what they should have and fighting their rights in each conjugal estate.
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