Last Updated August 13, 2019

Law and Practice

Authors



Baker McKenzie S.A.S. has more than 6,000 lawyers and 77 offices worldwide. Led by Rodrigo Castillo Cottin, the firm's wealth management practice is highly renowned for its high level of expertise working with sophisticated clients in complex multi-jurisdictional reorganisation of assets and tax structures for family groups that lead the most important companies in the country. The firm develops global wealth management strategies that account for all of the applicable tax compliance requirements and commercial issues, which is a benefit given to clients that no other law firm in the country can offer. The firm is the only one with the infrastructure and international connection and co-ordination to offer an international coverage.

The general rule for marital property is the community of property regime, which automatically comes into effect for all marriages and remains so until the community of property is dissolved.

In this regime, community property is commonly owned by the spouses. It is not similar to co-ownership because the spouses (joint owners) do not possess a share in the property but are owners of the community property.

Colombian law also recognises 'common law' unions under 'de facto' marital union provisions. Opposite or same-sex couples that have cohabited together for at least two continuous years may request the declaration of existence of a de facto marital union. This declaration implies the presumption of the existence of a community of property regime (as applicable to married couples) and leads to the distribution of the common property. This declaration is made before a judge or by mutual consent of the couple before a notary public or duly authorised conciliation centre.

Upon the death of one of the spouses, the 'marital portion' of the estate is assigned by law to the surviving spouse or permanent partner lacking the means for a congruent subsistence. Taking into account the existence of any legitimate descendants, the widower or widow will be included among the children and receive as a marital portion a share equivalent to the portioncorresponding to the legitimate share of the descendants.

Baker McKenzie S.A.S.

Ave Calle 82
No 10- 62 piso 7
Bogotá, D.C. 110221
Colombia

+57 1 634 1500

+57 1 376 2211

www.bakermckenzie.com
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Authors



Baker McKenzie S.A.S. has more than 6,000 lawyers and 77 offices worldwide. Led by Rodrigo Castillo Cottin, the firm's wealth management practice is highly renowned for its high level of expertise working with sophisticated clients in complex multi-jurisdictional reorganisation of assets and tax structures for family groups that lead the most important companies in the country. The firm develops global wealth management strategies that account for all of the applicable tax compliance requirements and commercial issues, which is a benefit given to clients that no other law firm in the country can offer. The firm is the only one with the infrastructure and international connection and co-ordination to offer an international coverage.

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