Property In Wife's Name With Mortgage

[dsfbrit]

Marriage is all about sharing. If you don't like to share then you shoudn't get married. I really mean that and sharing isn't always 50/50. I've heard that if both of you try to not to be bean counters and you try to give 60% on everyting then things usually end out 50/50 and you have marital bliss. For Thailand maybe you should look at starting with giving 70% or 80% just to be on the safe side :-)

SiNam

I agree in principle you are right.

The downside to this - what I agree is a reasonable argument - is simply in my situation in Thailand and for many farang, my Thai wife had nothing when we married and still receives no income - we are 'sharing' everything that is/was mine.

I have a pre-nup (Dragonman points out I may soon try to have a post nup) - that protects ALL my money in the UK.

On divorce - my wife would have more than enough money to live well the rest of her life with a 50/50 split of assets in Thailand.

When I divorced my English wife some years ago - we split everything 50/50 as you suggested - but this is Thailand - so I have adopted the approach here of providing enough money on divorce to make her wealthy in Thai terms for the rest of her life.

Lets face it - especially with the visa changes recently - we farang have to protect our assets more than ever - as it could well come down to us being asked to leave Thailand if we cannot prove we have sufficient funds.

Our Thai partners, on the other hand can just return to their Thai family - wealthy.

[thaigene2]

Lets face it - especially with the visa changes recently - we farang have to protect our assets more than ever - as it could well come down to us being asked to leave Thailand if we cannot prove we have sufficient funds.

Our Thai partners, on the other hand can just return to their Thai family - wealthy.

I reckon that's about the size of it. Yep. But hey, go on -- buy a condo!

[tuffy]

No no no please - no - are you saying that if I change to do the 'land in her name/lease thing' and we divorce and I continue to live here - I have to pay rent?

Yes, a lease has a rental charge.

When you register the lease, you pay a tax on the full rental charge at the land office and your wife, or who ever is leasing the land to you, pays tax in the rental income for the period of the lease.

The benefit of a lease, from my point of view, is that it gives both parties security. So if you break up, you stay in the land, and your wife has an income to live on/rent elsewhere.

Thanks for the reply.

I decided before I moved to the lease thing from the company method I would not do so before I understand ALL the advantages and disadvantages of the lease approach.

I have been at this for 3 weeks now and still learning.

You have today provided me with yet another thing to consider.

Is it possible to write the lease so that on divorce everything has to be sold? I respect your view that this is security - for you it is - fair enough. For me though it would be hel_l - like death by a thousand cuts!

Having a connection with the x-wife and family for the rest of my life - oh no !!!

Sorry to dredge up an old ghost but the above questions are custom made for me....

I want to buy house/land in my wifes name but would like some sort of protection (albeit limited) upon divorce or her death. From reading through some of these old posts, i take it there is no good answer other than do risk more than you want to loose. But could a legal and binding contract be writen stating that on divorce everything is sold and split? I don't expect to get divorced but then who does?

My head hurts.......

[tornado40]

But could a legal and binding contract be writen stating that on divorce everything is sold and split? I don't expect to get divorced but then who does?

My head hurts.......

The problem here is that if Farangs can't buy houses and land - and there are so many on the market - who is going to buy when 'everything is sold and split'

I bought through the company route 3 years ago - for early retirement. Now begining to think that maybe keep on working and stay in the UK with holidays at the home all the time I've got it.

Sad really, cause my girlfriend will be alone more, and the money I was to spend in Thailand, will now be spent in the UK - probably on Tax!

Think I'll just get that other drink!

[Maigo6]

I bought through the company route 3 years ago - for early retirement.

Think I'll just get that other drink!

Dunno mate, but if you really think you would like to give your GF the house if it all goes pearshaped, better stick it in her name now, better then losing it to the Thai Government when they investigate your ' Company '................

I'll have a double Jack Daniels please.

Edited December 8, 2006 by Maigo6

[tornado40]

Dunno mate, but if you really think you would like to give your GF the house if it all goes pearshaped, better stick it in her name now, better then losing it to the Thai Government when they investigate your ' Company '................

I'll have a double Jack Daniels please.

Good advice under the circumstances - I did mention this to her today on the phone. I feel that push is coming to shove now

This is where TV is so important to us - problem shared ......

Ice and lemon sir?

[Maigo6]

Ice and slice, yes please Sir.................

I bought a house, well I paid for a house to be built, it was always gonna be my gf's security, I built in Isaan, and who the fawk would buy my 2 Million baht house in Isaan if it all went pearshaped anyway, so what would be the point of a company route ?

I put it in my GF's name, that way I knew exactly where I stood, if it had been in a company name, I would be having sleepless nights.

I can afford these extravagances, so mai pen rai.

But..............I do feel for the guys in Pattaya and Bangkok or other Farang populated areas, where once they would have had a chance of selling, and now they are fawked.

Edited December 8, 2006 by Maigo6

[thaigene2]

My head hurts.......

Then stop bashing it against the wall. You cannot own or have any equity/matrimonial interest in land in this country. It is for the exclusive ownership of Thais - as in Thailand. Thus you can not get a loan to buy land either...or a condo anymore for that matter (no loans that is).

If security is what you're after then keep your money in the bank (in another country) and only have enough each month here to pay your rent (which is cheap by most standards) and live the lifestyle you can afford.

Look into the future here (as in "use your immagination with some common sense"). Think about who runs Thailand, economically and in other ways, then ask yourself this: Do you think you'll be able to live here securely for the next 20 or 30 years like we have been in recent years? Do you not see seeveral changes on the horizon - not just visas and condos? Do you really see a rosy picture?

Be honest with yourself, accept the truth and the probable realities, and the headaches will go away mate. Keep your head down, don't expect too much and enjoy Thailand while you can - as an outsider.

[tuffy]

My head hurts.......

Then stop bashing it against the wall. You cannot own or have any equity/matrimonial interest in land in this country. It is for the exclusive ownership of Thais - as in Thailand. Thus you can not get a loan to buy land either...or a condo anymore for that matter (no loans that is).

If security is what you're after then keep your money in the bank (in another country) and only have enough each month here to pay your rent (which is cheap by most standards) and live the lifestyle you can afford.

Look into the future here (as in "use your immagination with some common sense"). Think about who runs Thailand, economically and in other ways, then ask yourself this: Do you think you'll be able to live here securely for the next 20 or 30 years like we have been in recent years? Do you not see seeveral changes on the horizon - not just visas and condos? Do you really see a rosy picture?

Be honest with yourself, accept the truth and the probable realities, and the headaches will go away mate. Keep your head down, don't expect too much and enjoy Thailand while you can - as an outsider.

Thanks for the wake up call thaigene more like a rude slap to the face that knocked my rose tinted sunglasses off All i want is the best of both worlds ....well onto the next topic...any one know of any good get rich quick schemes?

[SeanBangkok]

We are talking about a house in this thread, but what if it was a Condo??

I really would like to have a 30 yr mortgage instead of paying cash. I am willing to buy the Condo in her name only, and then make the mortgage payment each month.

If she were to die, then the Condo would come to me in a will.

If we were to divorce, the condo would be 50/50.

Is this possible?

[thaigene2]

We are talking about a house in this thread, but what if it was a Condo??

I really would like to have a 30 yr mortgage instead of paying cash. I am willing to buy the Condo in her name only, and then make the mortgage payment each month.

If she were to die, then the Condo would come to me in a will.

If we were to divorce, the condo would be 50/50.

Is this possible?

I looked into this some time ago and was told by one of the farang law firms here that if she is married to a farang the condo would still be considered the farang's (I don;t know why, something about the wording of the Act). Anyway - you'll find it tough getting the loan - or even trying to guarantee the loan now. They are cracking down quite a bit on foreign access to thai baht loans - for any reason. If you want the name of that lawyer PM and I'll give you the name - don;t think I have the email address anymore but they advertise in the Bkk Post a bit.

And hey Tuffy - sorry pal..didn't mean it to hurt

[ZEAK]

We are talking about a house in this thread, but what if it was a Condo??

I really would like to have a 30 yr mortgage instead of paying cash. I am willing to buy the Condo in her name only, and then make the mortgage payment each month.

If she were to die, then the Condo would come to me in a will.

If we were to divorce, the condo would be 50/50.

Is this possible?

Yes, it is possible. I was told by a lawyer that you draft up an agreement that you and your GF each put in 50% for the condo as an investment, hence upon sale you get your share. It also protects you from being kicked out should you have a fight with her as half is yours. So I've been told.

[Livinginexile]

We are talking about a house in this thread, but what if it was a Condo??

I really would like to have a 30 yr mortgage instead of paying cash. I am willing to buy the Condo in her name only, and then make the mortgage payment each month.

If she were to die, then the Condo would come to me in a will.

If we were to divorce, the condo would be 50/50.

Is this possible?

You can own a condo freehold...100%

Allyou need to do to buy a condo is show that the money originated from offshore. Dead easy.

Just get yourself a good farang lawyer based in Thailand and he/she will fill you in on the details.

That way you can buy the condo in your own name and let her live there for a minimal rent. Absolutely no need for this "30 year lease" clap.

There is another positive thing about this ....you will know for sure if she is in love with you or your money. If a house is all she is after then she will go hill for leather to change your mind to buy a house.