The family asset is a very useful institution and little used by those who can benefit from it. It is made up of assets that enjoy special protection for the beneficiaries of the family in favor of those who are entitled to them. Family property is that property, where a family resides, which is subject to legal protection, for that particular affectation, preventing its execution for debts subsequent to its registration as such, that is, as family property, except in exceptional cases. (taxes and charges on buildings and construction costs).
Family is understood to be the entire cohabiting group, which has the status of spouse, ascendant, descendant or collateral up to the third degree (uncles and nephews) of the person who constitutes the family property. The effects occur after it is registered in the Land Registry. If an owner owns a lot of real estate, only one can be listed on this character. Registration is free and must be submitted in general: title deed, marriage certificate, children's birth certificate or family book, national identity document and complete a form.
Consequences: when registered as a family asset, the property cannot be sold, nor be subject to bequests or testamentary improvements. For this, the consent of the other spouse is required, except for a serious cause or an obvious family utility.
The most important consequence of registering a property in these conditions is that it cannot be seized or enforced except for tax debts or construction costs of that property, provided that the debts were subsequent to their registration as family property. What can be seized is 50% of what was acquired, provided they are not essential for family subsistence. This great advantage of protection has a disadvantage. Surely you will not be able to guarantee your own debts or third parties, since by not being able to seize or execute the creditors, you will reject it.
The law stipulates who can constitute family property. It makes an enumeration, any of the spouses in their own property, both spouses in common property. Or either of the parents in case of separation of the property, for the benefit of the children who are not common. The single father or mother or widower in his property and, finally, any person within the limits in which he can freely dispose of his property by will or donation. In the end, anyone, as long as the legal requirements are met.
