This article deals with the issue of the choice of law ruling the economic relationship between foreign married partners who are resident in Italy. The Italian law 218 of the 1995 reforming the international private law determines the field of application of the Italian jurisdiction and the criteria to individuate the applicable law.
Concerning the economic relationship between married couples, if they have the same nationality, the common national law of the two partners will be enforced. In case the two partners have two different citizenships, it will be enforced the law of the state where the marriage predominantly takes place.
The Italian law offers a further opportunity: The two partners may agree in a written form that their economic affairs will be regulated by the law of the state of which at least one of them is citizen. Such a choice has to occur not only in written form but also at the presence of an Italian notary public. In case the choice will fall on the Italian law it’s important to explain the way the Italian law regulates economic relationships in reference with the purchase of real estate properties. The general principle is the one of the legal communion; as a consequence if two married partners will buy a property it will belong to the both of them in equal proportion.
An alternative possibility would be the separation of goods, in such case it will be possible to register to property in the name of just one partner. Summarizing, if a foreign married couple will decide to regulate its economic affairs according to the Italian law, they will have to do it with a public deed at the presence of an Italian notary public. In such context they will have the chance for a further possibility concerning the ownership of their properties; choosing either the communion, or the separation or even the trust.
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Priya Singh wrote this article on behalf of Legal Consultancy Services. For more information on Online Legal Services, italian legal advice and real estate law tips for visiting Legal and Property deals online you can visit detulliolawfirm.com