Buying a condo in bangkok and how safe are you ?

[JSixpack]

In a case like this:

How about making a prenupital/common life agreement that covers you buying exclusively the property from your own funds?

Does this work?

I wouldn't place my trust in prenuptials. A lot of provisions get thrown out in court because the state doesn't want its legal provisions canceled out by a piece of paper, notary or not.

Well--true story--I knew a guy in the States, wisely had a pre-nup, Thai wife ran away and tried to fleece him (this was her plot all along) but her lawyers advised her the pre-nup definitely would hold up in court and she had not a chance. She got nothing. Surprise!

[Saradoc1972]

In a case like this:

How about making a prenupital/common life agreement that covers you buying exclusively the property from your own funds?

Does this work?

I wouldn't place my trust in prenuptials. A lot of provisions get thrown out in court because the state doesn't want its legal provisions canceled out by a piece of paper, notary or not.

Well--true story--I knew a guy in the States, wisely had a pre-nup, Thai wife ran away and tried to fleece him (this was her plot all along) but her lawyers advised her the pre-nup definitely would hold up in court and she had not a chance. She got nothing. Surprise!

I'm not saying pre-nups have no place and cannot hold, and I'm certainly the last to say you shouldn't consult your lawyer on them ;-)

It will depend on many many factors, down to the circumstances under which the pre-nup was set up. Over here one was completely nulled as wifey was pregnant when they married and later claimed she had felt compelled to sign it to get her child in wedlock.

One of the most decisive things might be how long the marriage lasted, as might have been the case with your friend. Like, if she can't get residency in her own rights in the States because of too short a marriage the courts won't bother too much which her support and things, and THEN a pre-nup might affect rulings as to what she is entitled to in his favor.

I am just warning against the notion you can have a pre-nup and all your worries are over.

[dutchman]

1 st Why nobody seems to realize that when you get merried you give away 50% of what you own.

2 nd why put you in a situation "you worth more dead as a life".

[ableguy]

It will be 50% hers from the day you buy it.

Not true buddy, if in the marriage it is soley your money that buys the condo it belongs to you. The only things that go 50 / 50 are assets you purcased together after marriage.

[ableguy]

You must be buying a huge space for that price( 7 million baht =$ 225K). Depending on where you buy, new condos are available near Pattaya for just 1 million baht. I was thinking to buy one too, but I am might live with someone who already has two houses there, so I gave up buying :-) With that kind of money, I would buy a condo in Maui and give it on rent...that is what I am doing now :-)

The rent money can pay my "salary" and live comfortably in Thailand!

Pattaya is not Sukhumvit Bangkok as anyone would know.

[Ulic]

In a case like this:

How about making a prenupital/common life agreement that covers you buying exclusively the property from your own funds?

Does this work?

I wouldn't place my trust in prenuptials. A lot of provisions get thrown out in court because the state doesn't want its legal provisions canceled out by a piece of paper, notary or not.

Well--true story--I knew a guy in the States, wisely had a pre-nup, Thai wife ran away and tried to fleece him (this was her plot all along) but her lawyers advised her the pre-nup definitely would hold up in court and she had not a chance. She got nothing. Surprise!

As Saradoc1972 says in general prenups do not work as you may think they will,and are generally not needed unless the assets are in the

millions and they are set up properly. The reasons are several

1/ The prenup is totally unfair. If it is in Canada the judge will just throw it out, so make any prenup agreement reasonable.

2/ The situation has changed from the time they got married. They have children, length of marriage (long time) being another.

In California once you have been married 10 years you will be paying alimony for your/her life unless she remarries. I don't care about the prenup.

About the only time a prenup works the way you think is if it is a very short marriage to a gold-digger. In Canada she will probably

still get half the matrimonial home. You can mortgage the house before you get married and keep the cash separate. That way the" we take out

what we came into the marriage with" is your favor. Anecdotal stories of a guy you know in the states may or may not be applicable. It is on a

case by case basis. Consult with a good divorce lawyer to get the best information to make your decision. Five hundred dollars spent

now may save you a lot of angst and money later. Unfortunately the time to get organized was before you got married. This makes

is more important to consult a proper lawyer. I am not a lawyer, I have never been married/divorced but I read a whole lot and my father

has been divorced twice. First time to my mother were it was an amicable 50-50 split. The second time he lost everything.

One more thing if the lawyer is telling you everything you want to hear and there will be no issues for you and you will get it all,

that is not a good lawyer. You will have to be fare in any divorce in Canada which probably means you will think it is unfair.

BTW, as you are already married I wish you the best and hope it never comes to divorce.

Edited September 23, 2013 by Ulic

[cocopops]

If you're thinking about how to protect your assets in the event of a divorce and deprive your wife of her share of them even at this stage, perhaps it's not the safety and wisdom of your condo purchase that you should be questioning.

This one agrees somewhat. He's taking the piss.

It is, of course, the business of the OP and the OP's lover how they conduct their relationship. And the agreements, implicit or otherwise, that they make regarding financial matters should that relationship come to an end.

On the other hand, officially declaring ones marriage to the government entitles one to some benefits (visas, pensions, other government benefits, tax benefits in some cases...). Under the law. And also entails certain requirements. Again, under the law. One of those requirements is joint ownership of assets. It's essentially what legal marriage means. If you don't want that, then don't get married. Do not make an agreement with the government, accept the benefits that come with it, and then renege on it come divorce time. Respect and operate under the entire law in exactly the same way you expect your neighbour to.

Now, you might argue that the law is bullshit in this case. Doesn't change the facts on the ground.

Edited September 23, 2013 by cocopops

[rotary]

Condo & Investment, Most of the time these 2 words do not go well together. Good luck on that investment part but as in the stock market many more losers than winners.

Buy what you need, enjoy it, but do not depend on it making a good investment because thats a pretty low % of condos that will make any serious money after you take off the cost of ownership.

[maplevan]

did you get married in Thailand or Canada?

I married in Thailand and her sponsorship is still in process. She will get the Permanent Residence status in next year probably in Feb. I bought the one million dollars home before marriage to protect my asset in Canada

[FiftyTwo]

It will be 50% hers from the day you buy it.

Not true buddy, if in the marriage it is soley your money that buys the condo it belongs to you. The only things that go 50 / 50 are assets you purcased together after marriage.

They are living together in Canada ........... she has access to Canadian law.

did you get married in Thailand or Canada?

I married in Thailand and her sponsorship is still in process. She will get the Permanent Residence status in next year probably in Feb. I bought the one million dollars home before marriage to protect my asset in Canada

Sorry to tell you this, she is already entitled to 1/2 of your $1M home, in fact if you split up, you are the one that will have to move out (probs. escorted by 2 cops).

Edited September 23, 2013 by FiftyTwo

[Straight8]

Would you be asking this same question if you were married to a women from your country? Or because she is Thai?

a valid point, however in his country there is marriage contracts, and lows that hold up both parties rights pretty equally,

worst case he could be still sure to get back 50% of what he spent on the condo.

as for the OP:

since divorce also is in your mind, someplace...

the simple solution:

RENT!

for once a year visits you dont want to own a place, pay year-round maintanence and whatnot.

i dont know (or care really) but your post sound a bit that this 7 mThb is a larger part of the savings...if yes, should think carefully, or downsize maybe a bit? less can still buy a decent place.

Rentr is money in the toilet. Marriage is based on trust. If you don't trust, then don't marry.

That's your opinion, but I disagree on all account.

Rent is not always a bad idea, especially when you think the market is at its high and in BKK its definitely over valued, by a very long way. On the other hand you could invest that money and the returns over the long term will more than cover your rent and return some capital.

Thai's and trust don't exactly go hand in hand. Trust is built and earned by both sides over time. The OP may have this or not, we don't know his situation exactly, however the odds are stacked against him from the outset due to cultural and custom beliefs.

Why do you need to marry them to have a long and loving life together? Oh right, it because they [family included] want it, that way more in the kitty for them, but too late for the OP, he's already pulled that trigger.

My advice:

Don't buy - Condo prices are overvalued, rent for the added insurance of not losing at least half in case of a divorce, you actually lose more when you think about it. Who will be paying for all the expenses??

[asdecas]

Well, if you're moving to Thailand and taking your money with you, be prepared for a shock. Requests for money from the family will be relentless. Your wife will probably revert back to the thai way where "Mother" comes first and you will become the typical "Farung" who will be targeted for your money. When the money has dried up you'll be in for your second shock including your visa requirements....I lived in Thailand over 20 years, speak fluent Thai, worked with the Thai government for nearly 5 years, write reasonable Thai and am married with 2 children (21 years) Believe me I know what I'm talking about...I have just recently returned to my own country and I am so glad to be back. My advice: Stay in Canada, where you can control your money, are not just a "Farung," have a first-class health system!

With twenty years in Thailand, fluent spoken Thai, experience working for the Thai government and the ability to write reasonable Thai, you certainly have an odd way of transliterating ฝรั่ง.

[maplevan]

Thanks a lot for all follow members who took theit valuable time to respond to my post. By going through all conents with fine tooth comb, i have come up that I will not buy it bur rent it when needed. I will invest that money in someplace else securely or if decide to buy, will buy under my parents name. just to play safe. Cheers !!!

My house which is worth around one million was bought before marriage with lawyer advise as anything bought before marriage is not claimable by spouse except the equity of the house if house has more value than the original price. Housing market is down in BC so I feel safe :-)

[Ulic]

did you get married in Thailand or Canada?

I married in Thailand and her sponsorship is still in process. She will get the Permanent Residence status in next year probably in Feb. I bought the one million dollars home before marriage to protect my asset in Canada

You maplevan really, really, really, need to see a good lawyer. I think you have some bad information and need some proper advice.

She is entitled to half the matrimonial home. If the home was paid for in cash she is entitled to 500 thousand if it is mortgaged

95% she gets half the 5% equity. 25k. I would consult a second lawyer.

Edited September 24, 2013 by Ulic

[howzat]

You shouldn't be talking about divorce before you get married.

Think positive otherwise don't do i

[kaleyho]

You must be buying a huge space for that price( 7 million baht =$ 225K). Depending on where you buy, new condos are available near Pattaya for just 1 million baht. I was thinking to buy one too, but I am might live with someone who already has two houses there, so I gave up buying :-) With that kind of money, I would buy a condo in Maui and give it on rent...that is what I am doing now :-)

The rent money can pay my "salary" and live comfortably in Thailand!

Bangkok is NOT Pattaya. 7 million doesn't really get you anything fancy if your looking at a popular area like say mid Sukhumvit. Know several people who spent 20+ million on condos in Phrom Pong and Thong Lor areas for example. Bangkok is a Capital city and a living breathing metropolis. Pattaya is a sleazy vacation town by the sea. The 2 are not comparable.

I did say " depending on where you buy" :-). Bangkok does have condos ranging from 400,000 baht to... you name the price...

[RogueLeader]

did you get married in Thailand or Canada?

I married in Thailand and her sponsorship is still in process. She will get the Permanent Residence status in next year probably in Feb. I bought the one million dollars home before marriage to protect my asset in Canada

And they say romance is dead.

I cannot imagine spending my life with someone form whom I have to protect my assets. Trophy wives ftw!

[maplevan]

Thanks for your opinion. I have seen 2 lawyers already and same advise was given. Checked some case laws too before got married. It is 100% fact that matrimonial home is not dividable if it was bought before marriage and on title it is not joint. In my case i am only on title and bought beforr marriage with my own savings with all records in place.

Yes is only entitled to claim equity of the house. The legal advise is obtained by one of best law firm in Vancouver.

[maplevan]

did you get married in Thailand or Canada?

I married in Thailand and her sponsorship is still in process. She will get the Permanent Residence status in next year probably in Feb. I bought the one million dollars home before marriage to protect my asset in Canada

You maplevan really, really, really, need to see a good lawyer. I think you have some bad information and need some proper advice.

She is entitled to half the matrimonial home. If the home was paid for in cash she is entitled to 500 thousand if it is mortgaged

95% she gets half the 5% equity. 25k. I would consult a second lawyer.

Thanks for your opinion. I have seen 2 lawyers already and same advise was given. Checked some case laws too before got married. It is 100% fact that matrimonial home is not dividable if it was bought before marriage and on title it is not joint. In my case i am only on title and bought beforr marriage with my own savings with all records in place.

Yes. She is only entitled to claim equity of the house. The legal advise is obtained by one of best law firm in Vancouver.