February 14 is a date to celebrate love, but it is also an opportunity to talk about important issues that affect a couple, such as the separation of ownership or wealth management. Whether your relationship blossoms and leads to a future together, or you prefer to be prepared for any eventuality, we explore all the details you need to know about the separation of ownership to make responsible and safe decisions.
Separation of ownership: What does it involve and how does it work?
Statistics reflect that the preferences of today’s couples in managing their wealth have changed from the beginning of the millennium. According to a study by the Notarial Statistical Information Center (CIEN), in 2023 there were 65,246 capitulations, of which 92.3% corresponded to couples who opted for the separation of ownership. This represents a big change compared to 2007, when 13.65% of couples chose this option.
According to the spokeswoman of the General Council of Notaries (CGN), the main factor that has driven this option as predominant is a change in society, linked to a labor market in which both partners work, have a similar economic level and want to have a patrimonial independence.
What does separation of ownership entail?
In the separation of ownership, each partner maintains full economic independence. This means that both can manage, dispose and acquire their own assets and the income generated by them, before or after the marriage. Therefore, it does not require the consent of the other to sell, rent or donate such assets.
Even so, it is usual that there are specific doubts. We highlight the following:
- If the couple has separation of ownership and decides to separate or divorce, each partner maintains his or her separate estate.
- If one of the partners has debts, these will be of his/her responsibility and the patrimony of the other one will not be compromised. The debts will be the responsibility of both only if they have been contracted by both.
- In the case of the family home we can find different scenarios:
- If it was acquired by the two partners once married, the ownership of the dwelling corresponds to the one who has signed the deed of the property before a notary.
- In case of divorce or separation, the parties must reach an agreement regarding its use. If they do not reach an agreement, the judge will grant the use of the property to the person who has custody of the children (in case of having them).
What steps must I follow to formalize this type of agreement?
The first step that every couple must take is to go to a notary’s office so that the professional of the Law draws up the capitulations for the separation of ownership. Once the marriage is registered in the Civil Registry, you must present the deed of the marital contracts so that it is registered as a matrimonial property regime of separation of ownership. If you live in Comunidad Valenciana, Baleares or Cataluña, keep in mind that you will not have to do anything, since this regime is the one that is applied by default.
Although the separation of property can be done either before or after the wedding, with a period of one year from the day of the marriage, it is important to bear in mind that the agreed economic regime will only take effect from the celebration of the marriage.
Electronic signature before a notary: What is it and how can I do it?
Since 2023, with Law 11/2023, of May 8, notaries in Spain can sign their services telematically. Specifically, online acts are carried out in the notary’s electronic office through the use of videoconference and qualified electronic signature.
Here, an extra point is the possibility of choosing the signing modality. While it is true that this digital solution allows you to sign before the notary digitally if you wish, it is not mandatory, so it is possible that, in the same notarial act, one or more signatories may decide to sign in person and others telematically.
Already in 2023, the General Council of Notaries estimated that more than 3,200,000 notarial documents could be authorized and signed online every year (Notariado, 2023). With the electronic signature market expected to grow even more in the coming years, creating a compound annual rate of 38.5% during the period 2023-2030, the figures would increase considerably.
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