Free Legal Advice Philippines

Disclaimer: This web site is designed for general information only and does not create attorney-client relationship. Persons accessing this site are encouraged to seek independent counsel for legal advice regarding their individual legal issues.

Log in

I forgot my password




You are not connected. Please login or register

My wifes company

View previous topic View next topic Go down  Message [Page 1 of 1]

1 My wifes company on Sun Dec 09, 2012 11:45 pm

garc78


Arresto Menor
Good day

!



Last edited by garc78 on Sun Dec 23, 2012 6:33 am; edited 1 time in total

View user profile

2 Re: My wifes company on Mon Dec 10, 2012 12:31 am

shad_marasigan


Reclusion Perpetua
The rule below applied to the husband who is a citizen of the Philippines while the wife is a foreigner when you got married after 1987.

if the company is established as a corporation, under the philippine law, a corporation has a personality separate and distinct from its stockholders or members. in this basis, you do not have any right to the company of your wife. your personality is distinct different from the company of your wife and its corporate acts emanate from the board of directors as stated in the articles of incorporation. Unless you are one of the board of directors, you may participate in the usual dealing or transaction of the company or corporation.

if you and your wife are married in the philippines, the system of absolute Community of property should govern the property relation, it is a system of property relation that treats properties acquired by the spouses during their marriage as jointly-owned. It consists of all the properties owned by the spouses at the time of the celebration of the marriage or acquired thereafter unless the property involved is expressly excluded by an existing marriage settlement or by the provisions of the philippine family law.

additionally, the system of absolute community of property is considered as the default property regime of the spouses. in the absence of a marriage settlement or if one is considered void, the law itself prescribes such as the operative property system within the marriage. under the family code, the system of absolute community of property commences at the precise moment the marriage is celebrated and any stipulation allowing for the commencement of such system at a later time shall be considered as void. the rules governing co-ownership shall apply in all matters not provided for in the family code.

so if the company profits, that part of profit should go to the absolute community of property.

hope this might help!



Last edited by shad_marasigan on Mon Dec 10, 2012 9:36 am; edited 4 times in total (Reason for editing : Additional Information)

View user profile

3 Re: My wifes company on Mon Dec 10, 2012 1:07 am

garc78


Arresto Menor
the company is on her own name there is no corporation!



Last edited by garc78 on Sun Dec 23, 2012 6:35 am; edited 1 time in total

View user profile

4 Re: My wifes company on Mon Dec 10, 2012 1:08 am

garc78


Arresto Menor
this mean that she own 2 companies now!

View user profile

5 Re: My wifes company on Mon Dec 10, 2012 1:19 am

shad_marasigan


Reclusion Perpetua
The rule below applied to the husband who is a citizen of the Philippines while the wife is a foreigner who got married after 1987.

not entirely both of them, the first one is owned by her separately as her exclusive property. the other new one is owned by both of you since it was created during the marriage. so if the second company profits, then it should go to absolute community of property. so if you invest in the first company, your wife has to give back your investment and any profit that has been accrued minus expenses. however that investment came along in the mid section of the marriage, it should belong to absolute community of property as it was during the marriage that it was presumed to be created.



Last edited by shad_marasigan on Mon Dec 10, 2012 9:31 am; edited 2 times in total (Reason for editing : Additional Information)

View user profile

6 Re: My wifes company on Mon Dec 10, 2012 1:58 am

shad_marasigan


Reclusion Perpetua
Here is the law when you got married before 1987.

If the marriage is between a citizen of the Philippines and a foreigner, whether celebrated in the Philippines or abroad, the following rules shall prevail:
(1) If the husband is a citizen of the Philippines while the wife is a foreigner, the provisions of this Code shall govern their relations;
(2) If the husband is a foreigner and the wife is a citizen of the Philippines, the laws of the husband’s country shall be followed, without prejudice to the provisions of this Code with regard to immovable property.

Please consult your law of the land on property relations.

Here is the law when you got married after 1987.

PROPERTY RELATIONS BETWEEN HUSBAND AND WIFE

Chapter 1. General Provisions

Art. 74. The property relationship between husband and wife shall be governed in the following order:
(1) By marriage settlements executed before the marriage;
(2) By the provisions of this Code; and
(3) By the local custom. (118)
Art. 75. The future spouses may, in the marriage settlements, agree upon the regime of absolute community, conjugal partnership of gains, complete separation of property, or any other regime. In the absence of a marriage settlement, or when the regime agreed upon is void, the system of absolute community of property as established in this Code shall govern. (119a)
Art. 80. In the absence of a contrary stipulation in a marriage settlement, the property relations of the spouses shall be governed by Philippine laws, regardless of the place of the celebration of the marriage and their residence.
This rule shall not apply:
(1) Where both spouses are aliens;
(2) With respect to the extrinsic validity of contracts affecting property not situated in the Philippines and executed in the country where the property is located; and
(3) With respect to the extrinsic validity of contracts entered into in the Philippines but affecting property situated in a foreign country whose laws require different formalities for its extrinsic validity. (124a)



Last edited by shad_marasigan on Mon Dec 10, 2012 9:37 am; edited 4 times in total (Reason for editing : Addtional Information)

View user profile

7 Re: My wifes company on Mon Dec 10, 2012 3:30 am

garc78


Arresto Menor
Thanks a lot for the quick reply

View user profile

8 Re: My wifes company on Mon Dec 10, 2012 5:44 am

garc78


Arresto Menor
My wife



Last edited by garc78 on Sun Dec 23, 2012 6:34 am; edited 1 time in total

View user profile

9 Re: My wifes company on Mon Dec 10, 2012 10:15 am

Pedro Parkero


Reclusion Perpetua
garc78 wrote:Good day

I am married since 3 years and i invest some cash over 20000usd in the company of my wife!
Do i have any rights on the company as we are married?
I am foreigner and i dont leave in philippines!
I wish to have more information as my family ask me to be carfull!
The company of my wife is growing as she use my cash to open more branches!

what kind of company... corporation? sole proprietorship.. etc?

but if i were u i will not worry about the money... i will worry about the wife...she works too hard for ur money, she might get sick Smile

View user profile

10 Re: My wifes company on Mon Dec 10, 2012 4:17 pm

attyLLL


moderator
garc, under PH law, those are considered conjugal assets.


_________________
[i] Visit our FB Page: BPO Employee Legal Advice
Warning and Disclaimer: I am not your lawyer; and you are not my client. With the limitations of an  Internet forum, a thorough review of your concern is not possible. View my comments at YOUR OWN RISK. It is best to actually retain a lawyer for your individual concerns.
View user profile

11 Re: My wifes company on Mon Dec 10, 2012 7:04 pm

garc78


Arresto Menor
Thanks a lot

View user profile

12 Re: My wifes company Today at 7:55 am

Sponsored content


View previous topic View next topic Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum