Summary
In the Philippines, inherited money is considered exclusive property of the inheriting spouse, even without a prenuptial agreement. To protect these funds, especially if facing annulment or separation, keep them in separate accounts, document their source, and invest separately. Providing false information on bank documents, such as marital status, can lead to legal consequences under Article 172 of the Revised Penal Code. Always provide accurate information to banks and consult a lawyer for personalized advice.Full Conversation
yes please kindly provide more details on managing the inherited property? Because when the husband will received and take possession of the inherited money and placed it a bank or money market placements like bonds, time deposits, or Tbills in order to earn interest. Obviously husband needs to put the name of his wife as an or account. But how to safeguard the money specially if the spoues are on the road to annulment or seperation.
To safeguard inherited money in the Philippines, especially if a couple is heading towards annulment or separation, consider the following steps:
- Keep Separate Accounts: Place inherited money in an account solely in the inheriting spouse's name.
- Document the Source: Maintain records proving the money is inherited, not conjugal.
- Invest Separately: Use separate investment accounts for inherited funds.
Is there a specific legal issue you're concerned about in managing these funds?
what if the inherited funds is placed in UITF together with the husband's siblings since the mother of the husband is still alive . These money is actually still owned by the mother. But the children are managing it. But if im not mistaken if its a bank investment, normally banks will require for the spouse to sign right? unless you write in the banks's customer info sheet that the husband is actually single which is not true. it will be an offense to write in the banks customer info that the person is single whereinfact the person is married. What legal violation in the philippines is that to not correctly answer the banks customer info sheet .
Not correctly answering the bank's customer information sheet, such as stating that a person is single when they are actually married, can lead to legal consequences. In the Philippines, providing false information or making false declarations can be considered falsification of documents.
Relevant Laws:
- Revised Penal Code of the Philippines:
- Article *: Falsification by private individuals and use of falsified documents.
Providing false information to a bank can also lead to penalties and legal actions from the bank itself.
Would you like more information on how to correctly manage the funds or any other specific legal concern?
what are the bank penalties if in case the husband gives false information.
Case Rating: *
In the Philippines, providing false information to a bank can lead to the following penalties:
- Account closure: The bank may close the account.
- Financial penalties: Fines may be imposed by the bank.
- Legal actions: Possible legal consequences under Article * of the Revised Penal Code for falsification of documents.
Would you like more information on managing the funds correctly to avoid these issues?
yes kindly provide more info on how to manage the funds correctly in order to avoide those issues.
Case Rating: *
To manage inherited funds correctly in the Philippines and avoid legal issues:
- Accurate Information: Always provide accurate information to banks, including marital status.
- Separate Accounts: Maintain separate accounts for inherited money.
- Documentation: Keep thorough documentation of the source of funds.
- Legal Advice: Consult a lawyer for personalized advice, especially in complex family situations.
Are there any specific steps or legal aspects you would like more details on?
thank you.
Case Rating: *
You're welcome! If you have any more questions or need further assistance, feel free to ask.
TRY ME!
Start a new chat