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AGREEMENT ESTABLISHING THE ASSET REGIME OF SPOUSES IN VIETNAM

18-03-24 MTParners

Marriage is not just the union of two individuals’ souls but also the merging of assets and responsibilities.

In Vietnam, like many other countries, the law recognizes the importance of protecting individuals’ assets and rights, especially in cases of divorce or other marital terminations. Therefore, pre-marital asset agreements, commonly known as prenuptial agreements, play a crucial role in delineating the rights and responsibilities of spouses concerning assets acquired before and during marriage.

Based on Article 47 of the 2014 Law on Marriage and Family, “in the case where the parties choose a property regime by agreement upon marriage, this agreement must be made before the marriage, in writing with notarization or certification. The property regime of the spouses according to the agreement shall be established from the date of marriage registration.” Therefore, in Vietnam, spouses are allowed to agree on a property regime before getting married.

The basic content of the agreement on property regime by agreement of spouses includes:

a) Identifying assets as communal property, separate property of the wife, and separate property of the husband.

b) Rights and obligations of the spouses regarding communal property, separate property, and related transactions; property to ensure the essential needs of the family.

c) Conditions, procedures, and principles for dividing property upon termination of the property regime.

d) Other relevant provisions.

Furthermore, pursuant to Clause 1, Article 15 of Decree 126/2014, in case of choosing to apply the property regime of spouses by agreement, the spouses may agree on the determination of assets according to one of the following contents:

a) The property between spouses includes communal property and separate property of the wife and husband;

b) Between spouses, there is no separate property of either spouse, and all property acquired by the spouses before or during the marriage period belongs to communal property;

c) Between spouses, there is no communal property, and all property acquired by the spouses before or during the marriage period belongs to the separate ownership of the respective owner;

d) Determined by another agreement of the spouses.

An important note for spouses in the case of applying the property regime of spouses by agreement: When establishing, conducting transactions, the spouses have the obligation to provide relevant information to the third party; if the spouses violate this obligation, the third party is considered a bona fide and protected according to the provisions of the Civil Code of Vietnam.

In summary, the agreement on property regime mentioned above allows spouses to determine the division of property and obligations arising before and during marriage, as well as arrangements for the management and use of property in case of divorce. This legal framework plays an important role in protecting the rights of spouses and promoting fairness and transparency in marital relationships.

MT & Partners hopes that the article will bring useful knowledge to our readers.