A Marriage in a Community of Property is a type of marital regime where the spouses elect to have only one estate, and all assets and liabilities are equally shared.
What Are the Disadvantages of a Marriage in Community of Property?
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What are the Disadvantages of a Marriage in Community of Property?
- There are many disadvantages of an “In Community Estate.
- The advantage that it is easy to manage a joint estate is also a disadvantage if the one spouse is financially irresponsible.
- When one spouse becomes insolvent, both spouses will be declared insolvent.
- Consent or even written consent is required of the other spouse in some instances.
- If you are a financially successful spouse, you have to share your financial success with the financially less successful spouse.
- If the spouses cannot agree about a financial transaction the transaction may not be completed if the consent of both parties is required.
- If one spouse must be sequestrated, it will be the joint estate (both parties) that will be sequestrated.
- The joint management of the estate can be problematic.
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