Buy In My Daughters Name And Lease From Her

[MaiChai]

I have tried searching this one out, but maybe I need to spend along time searching?

My daughter is 8 years old and is half Thai/English. She was born in Thailand and for intensive purposes, is Thai, but I guess not of legal age. I wonder if I can buy land/house in her name and then lease from her in 30 year blocks (as I have read elsewhere). Also I am having some legal problems with my Thai wife and may divorce from her, so in terms of a property owned by my daughter, who would have legal custody/control over it if things get legally sticky with my wife?

[mark lamai]

why not just start a bonfire with ur money then jump into a piranha infested river..

it would be quicker

........................................................

think worst case scenarios... lots

just one..

ur wife has influence over your daughter.

you buy the property in ur daughters name.

suddenly the expected lease has disappered.

financially and legally you are sunk

[astral]

I am not sure that an 8 year old can "buy" property.

You may want to look at the Ufstuct that gives you the right to reside in the property for your life time.

Do a search as there has been a lot if interest in this approach recently,

Sunbelt will also be able to advise you.

[chuckd]

I am not sure that an 8 year old can "buy" property.

The Pattaya land office put my house in my 11 year old daughter's name without hesitation. I signed for her as her guardian. I'm a Yank.

I was already divorced and had legal custody of her so that part was done.

[Nawtilus]

You can buy in your childs name and you can lease from her and as a poster above said 'the wifey would screw up the lease' if you have a registered lease against the deed etc, then she cannot screw up anything, she could try, but you have the legal lease which she cannot do anything about.

The problem is that if in a childs name, if you need/want to do anything with that property, sell, change the lease etc etc, you need to go to court to have it approved first, this takes time and costs money.

So unless you have no problem at all for sure of the property just sitting in her name until she is of age to do things for hersefl...not sure if it is 15yo or 18yo...but think about it first.

Also if you die, the wifey may get control of it because the child is a minor and then whatever happens happens.

[dsfbrit]

The lease is valid if in your wife's or childs name on divorce.

This has been tested to the equivalent of the supreme court (discussed in this forum).

The Usufruct has not been tested in the courts for the divorce scenario - but should be OK (discussed in this forum also).

The trouble is when I did my pre-nup I was told by the lawyer that if we had kids the pre-nup would be null and void.

Basically, ignoring all the subtle detail about the 50 per cent split rules etc..., I would have to provide a house and pay maintence for her and the child.

So it would make little difference is I lived in the current house as I would have to provide another house for them anyway! So they may just as well have this house.

Mind you this house is only worth 6 million Baht - yours may be worth a lot more - and I personally would prefer

to rent/own a condo if I were living on my own.

Get a good lawyer, hide your money not in this country and good luck

[MaiChai]

Thanks for the responses.

I also have a lawyer (dealing with other stuff), so I will ask him too.

Edited January 7, 2007 by MaiChai

[MaiChai]

Nawtilus think u are missing a full stop in there somewhere. Did not quite understand your post for the first paragraph.

My wife has some serious legal problems at the moment which will render her bankrupt. This is what the lawyer tells me. Basically she has been a target of a load fraud, which she did not tell me about and tried to resolve on her own. Someone made up false money loan papers. Now she has lost the case and appeal, so we have subsequent cases to get back 50% or 100% of her assets; since we are married they can't take 50% of her assets, and if we can persuade the judge that I paid for everything (we have proof), then we may be able to prove my 100% ownership of all the assets, which mean the loanee cannot sieze her assets. Whateve happens, I believe she will still be declared bankrupt, which I believe means she can't own anything. Thus a long winded legal battle...

Correct me if I am wrong here, because I am not strong on law, and the language barrier makes things more difficult (although my lawyer can speak some English).

Thus going back to my original question: if my wife is declared bankrupt, this would make it difficult to sieze control of a property owned by my daughter?

Edited January 7, 2007 by MaiChai

[chuckd]

So unless you have no problem at all for sure of the property just sitting in her name until she is of age to do things for hersefl...not sure if it is 15yo or 18yo...but think about it first.

The Land Office and my attorney have told me the legal age for my daughter to do anything with the property is her 20th birthday. Until then, I am the legal guardian.

Edited January 7, 2007 by chuckd

[Neeranam]

Mind you this house is only worth 6 million Baht

Must be hard living in such a low cost house.

[TizMe]

If my wife takes out a mortgage or car loan or any other type of loan without my knowledge, am I still responsible for her debts?

Afraid so! Only if the debts have been incurred after marriage. Look at it on the bright side, she's responsible for your debts as well.

From another thread, you are just as liable for her debts as she is...

[kenio]

Mind you this house is only worth 6 million Baht

Must be hard living in such a low cost house.

I agree, sometimes I wonderer if we live on the same planet.