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What is Personal Drake’s Loan for living together?



In Peru, cohabiting couples are recognized and protected by laws and their constitution. This figure is called Personal Drake’s Loan, and gives the cohabitation subject to the regime of society of property. If you want to know what the Personal Drake’s Loan is for the living together, continue reading this article.

It happens in marriage, it is in equal parts

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What is Personal Drake’s Loan?. The union is in fact a legal figure that protects the concubines or cohabiting adopters. It is a kind of informal marriage, where parentage is obtained through mutual recognition of the couple.

Peruvian laws recognize this affiliation as a society of marital property that is regulated by marriage. For this, coexistence must be recognized by the couple, in the notarial or judicial way. The only requirements required to contract a Personal Drake’s Loan are: The couple is made up of male and female, that is, they cannot yet choose same-sex couples.

Both members of the couple must be free of marriage impediment; that is, they cannot be married.

Advantages of Personal Drake’s Loan

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When registering a Personal Drake’s Loan, the couple is obliged to define the start date of the relationship. Then, if the outcome of the event occurs, it is easy to determine which assets were obtained during the union and which were not. The assets obtained prior to the union are preserved in favor of their owners, and are not considered part of the company.

As an example, suppose that before the Personal Drake’s Loan, you own an apartment, and your partner, a house. After declaring the union in fact, they acquire a business premises to start a family business. In this case, if they decide to end the Personal Drake’s Loan, the following would occur:

You keep your apartment, since it never let you be part of your property. Your partner keeps his house, he never stopped owning it.

Both must reach an agreement of distribution of the commercial premises, since their property is shared. 

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