2.5M house or 5M condo - wife gets the same cut

[AverageBloke]

15 minutes ago, TheScience said:

The discussion sidetracked a bit here. No idea about the Aussie stock market but US is pretty precarious. Just a few stocks distorting the market.

 

There's going to be inflation if it's not here already.

I apologise for the sidetrack....it was a question I'd been dying to ask. Regarding the stock market, I've been sitting on the sidelines waiting incase of a correction but the bubble just keeps inflating.        Also, good luck with your purchase, by the sounds of it you have a great lady so I dont think you have to much to worry about. 

Edited December 25, 2021 by AverageBloke

[soi3eddie]

3 hours ago, BritManToo said:

Would point out menopause is a risky time in any marriage.

And it's very close now.

I went through that phase with my ex wife. Not pleasant. 

 

[soi3eddie]

2 hours ago, TheScience said:

Well, flipside is we keep renting. It's no big deal

Keep renting. Preserve your wealth. 

 

[4MyEgo]

12 hours ago, AverageBloke said:

Thank you so much for your feedback. I will 100% look into some professional assistance. There would only be myself and my girlfriend and the 80,000 per month would be after 1 built a house and purchased a car. I'm guessing ill have to put aside 5- 10,000 per month for health insurance but after hearing you can do it with 6 mouths to feed  I feel a little more assured that I can make it happen...Happy Xmas

I left Sydney 6 years ago and have paid no tax on shares bought and sold, including no capital gains tax, it's the loophole foreign residents need to survive over here. It serves the government as they want money invested in Australian companies, so it's a win/win.

 

The only thing to look out for is that when your residency changes from being an Australian resident (for tax purposes) meaning if you reside in Australia, you pay tax in Australia as an Australian resident, but when you move it changes to a non residents or foreign resident (same meaning) for tax purposes.

 

The capital gains tax you will pay when you sell your property in Australia is like 42% as a non resident so if you keep your principal place of residence (house you live in), the capital gains tax will get calculated from the day you purchased it, i.e. not calculated the day after you left the country, which is the way it was up to 2019, so look out for that one now. 

 

Also the rent gets taxed at 32c in the $, and you cannot claim anything (negative gearing annually goes out the window) so it's hardly worth holding onto property in Australia unless your going to live between the two countries as an Australia resident for tax purposes, then you will pay tax as an Australian resident and there won't be any capital gains tax to pay.

 

But wait it gets better, you can longer vote as a non resident and no more Medicare just to stick it to you further for seeing that it's greener on the other side.

 

1st up, talk to your accountant about you moving overseas and then others regarding investing your money in Australia into something like shares where you don't pay tax on if they are receiving dividends, there are also other investments that you can look into, but be mindful of any potential tax pitfalls.

 

As this is off the topic, so you can send me a personal message if you want more information, but I cannot provide you with professional advise as it's not my area of expertise, that said, can provide you with a little knowledge, then you can do the rest.

 

Re building a house, been there, done that and can provide you with a ball park on costs and what to look out for and what not to do, e.g. only invest what your prepared to lose.

 

Merry Xmas back at yah.

 

 

 

 

Edited December 26, 2021 by 4MyEgo

[gerrytraveller]

On 12/25/2021 at 3:14 PM, BE88 said:

sky-coffin funny name for a condo.

Its only used as click bait by someone who thinks his opinion on condo vs house is superior.

[brianthainess]

I would go for the house 100%, I couldn't bear living in a condo, I like to be able to walk out the door and potter around the garden, who needs a gym when you have a garden take care of and bit of DIY, no building services to pay, no rules on what you can do or not (excluding building regs.) A small pool would be good if one can afford it. I paid more for the land as only 10 min drive to a beach and good restaurants supermarkets ect I built a modest house cheaper than the land. Roughly 2m for 1 ria and 1m for the house.

[wwest5829]

On 12/25/2021 at 2:20 PM, jvs said:

So you are saying the house is 50/50?

As far as i know everything you acquire after you are married is 50/50.

 

My understanding is the house is 50/50 is purchased after legally registered marriage. It is the land the house is on that we cannot own.

[Jimbo53]

On 12/25/2021 at 9:26 AM, soi3eddie said:

It's too late. You are already married. Even if you only have money in the bank she may be entitled to 50% anyway. If you were married in a western country you'd be screwed. In Thailand you may fare better. Condo 100% in your name she may not challenge you for a share. House (can only be her name) you'd almost certainly lose it all or spend fortunes on lawyers trying to recover your half of the value.

Correct...I would have had all this checked out over a decade ago!!! Before attaching the ball and chain to my ankle!!!  T.I.T.

[TheScience]

27 minutes ago, brianthainess said:

I would go for the house 100%, I couldn't bear living in a condo, I like to be able to walk out the door and potter around the garden, who needs a gym when you have a garden take care of and bit of DIY, no building services to pay, no rules on what you can do or not (excluding building regs.) A small pool would be good if one can afford it. I paid more for the land as only 10 min drive to a beach and good restaurants supermarkets ect I built a modest house cheaper than the land. Roughly 2m for 1 ria and 1m for the house.

Agreed on all points.

 

2m for a rai is pricey.

 

One thing I can't get my head around is the ridiculous price of land. Even in these inflated times I can get a decent plot on water in US for 3m. Mid Atlantic down to Florida.

 

Phuket, Krabi are to me totally inland. Really put off by that. We like Phangnha but coastal land there is just as pricey...huge plots for tens of millions.

[TheScience]

15 minutes ago, Jimbo53 said:

Correct...I would have had all this checked out over a decade ago!!! Before attaching the ball and chain to my ankle!!!  T.I.T.

Lol. Again, my investments and money can entirely remain in US. Second, my wife has zero interest in what's in US and even less control of it. Finally, this is more for her than for me. I don't see it as an investment per-se but a way to preserve money that would be spent on rent...if it can work. If not, that's ok too AND ok by her.

 

Most of these comments are often made by men who can't attract mates at home, Thailand and if they did couldn't keep them about.

[TheScience]

36 minutes ago, brianthainess said:

, I couldn't bear living in a condo,

The whole covid thing is well. We've done all right living in small spaces for the time being but our place is perhaps only 40% occupied and is quite low rise at six floors.

 

I love to garden and we both love to swim.

 

Another huge issue is where to purchase land and build. If we are renting even a house we can always up and move if we're not happy for whatever reason.

[1FinickyOne]

On 12/25/2021 at 5:57 PM, TheScience said:

I want this for her more than me.

I understand this. Are you financially secure enough to just put it in her name and forget it? Everything I own here is in my wife's name. It gives her security too. She and my niece are going to inherit everything anyway... 

 

If it is your bottom dollar - this does not work. I have heard of all sorts of unusual agreements that seem to work around property laws, rental agreements etc... I have none of that but enough cash in my name that I can easily walk away and let my wife have all property. Of course, relationships built on an assumed sharing and trust probably have a better chance of lasting longer - - if that is what you want. 

[Rimmer]

A troll post has been removed

[khunPer]

Pretty much the same if you write off land and house in your wife's name, compared to a condo in your name, and 50% loss in case of divorce. However, the location might be an important factor to include, can you buy land and build a house for 2.5 million baht at approximately the same location where a condo is sold for 5 million baht..?

[Tony125]

On 12/25/2021 at 2:44 PM, TheScience said:

So, even though you sign away all your ownership rights to the home as it's acquired in marriage it is both of your asset - as would be the condo in your name??

 

That's even more incentive to buy a small home rather than a sky-coffin.

You guys need to  talk to a lawyer preferably one who is versed in Thai law but not Thai (as Thai might side with your wife) Even though you sign papers giving up rights too land /home  a diviorce court trumps land law and can devide any property acquired after the marriage. A usufruct can protect you as long as marriage is intact or in the case of spouse death but a court can overrule any usufruct or prenup if they decide that they are blatantly unfair to the other party or illegal. You should keep a record of where the money came from when buying property, car, house land.  Even though a court could rule that you are required 50% of the value of the property if you bought it in Nachon Nowhere  surounded by her families properties you might find that it would be immpossible to sell if things went bad.

 

https://www.thelawsuperstore.co.uk/family/help-and-advice/what-happens-to-a-house-in-a-divorce

 

https://www.thaicontracts.com/ask/23-family-law-contracts/26-who-gets-what-in-a-thai-divorce.html

[1FinickyOne]

1 hour ago, khunPer said:

can you buy land and build a house for 2.5 million baht at approximately the same location where a condo is sold for 5 million baht..?

probably not - just the cost of demolition will kill you... and probably <deleted> off some people in the middle of the night. 

[pagallim]

On 12/25/2021 at 5:57 PM, TheScience said:

Well, she'd not touch the cash in my accounts because that would be gone in a flash.

 

A condo in my name, she'd get half.

 

Imagine I'd lose on the house unless I lawyered up.

 

Anyway, I love her very much. She's a total even keel. Never done anything remotely sketchy with my money, asked for stupid money for parents or taken so much as a satang.

 

I want this for her more than me. Little if any financial appreciation but in the long run we're not causing money down a toilet for rent.

 

*Although as a lifelong renter I know all the merits... especially in Thailand.

Buy a house in her name, and immediately have it leased to you for 30 years.   That gives you security of occupation, plus should anything happen to your wife (you both need to make sure your wills are up to date) you would have one year to sell the house after her demise.   Likewise, the lease is void when you go.

[kwonitoy]

On 12/25/2021 at 2:53 AM, Gecko123 said:

Many people mistakenly believe that all property purchased during the marriage is automatically marital property, and if you get a divorce, all that property has to be split 50/50. This is 100% untrue!

 

 

This misunderstanding (shared by many Thai lawyers) comes from how the law is worded. The law defines marital property as anything which the couple "gets" or "obtains" during the marriage. The verb is actually "dai" or "ได้" But what exactly "gets" or "obtains" means isn't immediately clear. In a nutshell, under Thai marital property law, "gets" or "obtains" means property which the couple has earned or gained through productive endeavor or means. It absolutely and unequivocally does NOT automatically mean anything purchased during the marriage.

 

 

The marital property law actually contains two definitions; one for "marital property" and one for "personal property belonging to one spouse."  and in order to understand how marriage property law works in Thailand, you have to understand the definition of both "marital property" and "personal property."

 

 

Personal property is defined in Section 1471 of the civil code. It reads:

 

Sin Suan Tua ( personal property) consists of:

 

(1) property belonging to either spouse before marriage;

 

(2) property for personal use, dress or ornament suitable for station in life, or tools necessary for carrying on the profession of either spouse;

 

(3) property acquired by either spouse during marriage through a will or gift;

 

(4) Khongman (engagement gifts given to one spouse)

 

Section 1472  As regards the Sin Suan Tua, if it has been exchanged to other property, other property has been brought or money has been acquired from selling it, such other property or the money acquired shall be Sin Suan Tua. (This sentence means that if you take money you owned before marriage and purchase property with that money (be it a house, land, car, or whatever) during the marriage, and subsequently get a divorce, that property belongs to you.)

 

Where the Sin Sua Tua has been totally or partly destroyed but replaced by other property or money, such other property or money shall be Sin Suan Tua.

 

The law also states that in the case of doubt as to whether a property is Sin Somros or not it shall be presumed to be Sin Somros.

 

========

 

So if the OP is using money (or assets) that he can demonstrate he owned prior to the marriage to purchase real estate, and he wants to protect his personal assets he would be far better off buying a condo and registering it in his own name. If he buys land and a house, the land will either have to be registered in his wife's name (which greatly complicates the liquidation of the asset in the event of divorce) or he can attempt to set up some type of userfruct or corporate entity to protect himself, but in practical terms, he'll probably get tangled up in endless legal headaches trying to assert his marital property rights in the event of a divorce, and there's a strong probability that he'll end up having to walk away from the property in full without recovering a cent.

 

 

The myth that everything purchased during a marriage has to be automatically split 50/50 gets circulated over and over again on this forum, and I stopped trying to educate people on this a while ago. But... today being Christmas, thought I'd give it one last try. I hope this is beneficial.

 

Every married man in Thailand should read the above carefully. Especially the last sentence,

Read and understand the last sentence 

 

Thailand is not like Europe or North America when it comes to divorce.

 

When I got divorced my now ex wife wanted half of a 12 millon baht condo bought about 6 months after we got officially married.

The judge asked very pointed questions as to who paid for the condo, and did the wife contribute in ANY way to the money used to pay for the condo. My sources of income and how I paid for the condo were also questioned.

She did not, I was asked if I wanted to give her anything, I said I did not.

Despite being married during the time of purchase she was legally entitled to nothing of the condo's sale price because she did not contribute to he purchase in any manner