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BANGKOK 16 November 2018 08:23

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My marriage has broken up and I have put my house on the market.  I have 3 grown-up farang children as beneficiaries and always promised my wife a 25% split of the sale price.  I now learn that because I used my wife as a 48% shareholder in the company, she is entitled to 48% of the deal as I have effectively gifted the shares to her.  I bought the house before we were married.

Is there any recourse in law or is this a cautionary tale to warn others?

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What's yours before marriage  is yours, what's obtained during marriage is split down the middle. Who told you she is entitled  to 48%

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So, what's the connection between the house and the company ? I would imagine if you listed the house as a company asset then all bets are off.

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24 minutes ago, mikebell said:

...... because I used my wife as a 48% shareholder in the company, she is entitled to 48% of the deal as I have effectively gifted the shares to her. 

Not only that but presumably someone else owns the 3% of your house that you (49%) and she (48%) apparently don't own.

There are ways round this (agreed loans, different share types) but as far as I know they have to be implemented before the house purchase.

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1 hour ago, baansgr said:

What's yours before marriage  is yours, what's obtained during marriage is split down the middle. Who told you she is entitled  to 48%

In this case, the OP didnt own a house prior to marriage, at best he owned half a company prior to marriage and the company owned a house. Its not clear but it appears his wife probably owned the other half of the company prior to marriage, or as the OP says, was gifted half the company (maybe during marriage). If she owns half the company, she is entitled to half the companies assets. It doesn't really come under marital/non marital assets if its gifted.

Edited by Peterw42
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1 hour ago, mikebell said:

My marriage has broken up and I have put my house on the market.

OP, you dont own a house, you own less than half of a company that owns a house. I imagine if the other half of the company was acquired by your wife "during" marriage, you could maybe argue that the wifes half is a marital asset and a 50/50 split. I think the gifting of a 50% share in something would negate a 50/50 split of marital assets, 

Edited by Peterw42
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1 hour ago, baansgr said:

What's yours before marriage  is yours, what's obtained during marriage is split down the middle. Who told you she is entitled  to 48%

The law, when she got 48 % of the shares of the company which owns the house.

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13 minutes ago, FritsSikkink said:

The law, when she got 48 % of the shares of the company which owns the house.

When companies are set up,  a release form is signed at the same time so transfer can be done.  If Mikes lawyer didn't do that then there is a problem.

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you need a lawyer and even you die tomorrow, your kids will have to bring in new funds to pay for their share... in fact you own nothing and they will get nothing except a problem house as no farang can own land and try to live in a house, where the land belongs to your ex-wife of their self-entitled family members, if she would to die ... you might get a one way ticket of some high raise balcony dives from a hotel, kinda suicide

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The way that I understand it when a Farang buys property via a company he will own max 49% of the company .The other 51% will be owned by Thais that he has never met. However it is constructed such that the Farang has 100% of the voting rights.

When the company is sold I assume that his 49% is transferred to the new Farang owner along with the 100% voting rights. To repeat this is my assumption. No doubt others can correct me. I am advised by friends that have sold companies that the cost to transfer is sub 10,000 Baht

Either way the 51% Thai owners do not get a pay day.The 48% of shares in your wifes name stay with the company.No pay day for her

The actual transfer of monies (new Farang to current Farang )is a seperate transaction. That transfer can occur out side Thailand

In the case of the OP I would suggest that this is the only  acceptable way. The money will be  in your own country.

 

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Is the house in the company or does the OP own it?

big difference i would think.

 

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you might as well walk away from it. I never met a western man who has won from a situation like this. I know a few who tried throwing away money on lawyers. also I don't understand why a man would use his wife as a nominee on their company.  I would say only an idiot buys a house in Thailand rather than a condo but I did it myself and we all know I am no idiot.

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What i understand is that the wife owns    51% and you need thai shareholders that own 48% and the farang only owns 1% when the house is company owned so i hope the reason of the deforce is not that you pissed of your wife . But i'm not sure thats just what i heard . I'm happy i dont "own" a house thats in a company name . 

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40 minutes ago, guest879 said:

you might as well walk away from it. I never met a western man who has won from a situation like this. I know a few who tried throwing away money on lawyers. also I don't understand why a man would use his wife as a nominee on their company.  I would say only an idiot buys a house in Thailand rather than a condo but I did it myself and we all know I am no idiot.

That's easier said than done as we have no idea of the value or Mikes financial situation.However my own experience  with lawyers is they are all thieve and liars,  asking for six figure retainers with no guarantee  of success.... And can be sure more payments  will be required at regular  intervals. 

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