Must know what is the married property?

Must admit that property issues between husband and wife, It is a problem that has been with Thai people for a long time. Whether it’s Thai people or people with foreign spouses. Because when we break up or have problems with each other’s hearts and often compete for property

Today we are going to go into detail about what is the importance of marital property.

Table of Contents

What is marital property? 

The ‘main point’ is what comes after registering the marriage, regardless of who contributed. However, if something is acquired or increases after marriage, people tend to consider it marital property. According to the law, cohabitation involves multiple dimensions, such as matters within the household, child-rearing, and supporting each other through hardships. So, whatever challenges arise become the joint effort and result of both individuals, much like a collaborative project.

In addition to this fundamental principle, let’s delve into the detailed legal provisions

What are the marital properties?

1. Property acquired during marriage

It looks not complicated, but let me specify that marriage must be registered according to the law, not just marriage according to facts or De facto or just make the ceremony. This legal provision does not cover such cases.

2. Inheritance indicated to be marital property

Normally, inheritance isn’t about the physical or mental strength that we can seek and acquire. We are merely fortunate by chance to receive an inheritance from others. That’s all it is. Therefore, fundamentally, it is not a marital property. However, if there is a will that specifies it as a marital asset, then it follows accordingly.

3. Fruits of personal property

The term “Fruits” is a legal term. To put it simply, it’s like the “interest or benefits” of our personal property. The same principle as above applies here. After registering the marriage, each person contributes to and shares their life. The benefits that arise during this time are considered marital property.

But be cautious, only the fruits or benefits are included. As for the principal amount or personal property, it still remains personal forever.”

What is personal property?

Personal property refers to assets that belong solely to an individual and do not need to be shared with a spouse, regardless of the passage of time. In other words, they are “not marital property”

Usually, this is something we acquire “before” we register our marriage. However, there’s one thing I’d like to point out: inheritance. If an inheritance does not explicitly state that it is marital property, it remains personal because it comes from our parents or siblings or relatives and is not connected to the spouse.

There are also personal items, such as soap, toothpaste, and clothing, even if we buy them after marriage registration, they are still our personal belongings. Additionally, assets that are given to us through gifts or donations are also similar to inheritance, in that they are received while being married. However, this giving can be categorized as giving to

“you only” or “together with our spouse”.

Another common confusion arises when personal property changes into other assets after marriage registration. It remains personal. For example, the money we had before marriage might be transformed into a car afterward. This car remains solely yours, and you don’t need to share it with your spouse.

Is heritage considered marital property?

Inheritance under normal circumstances is personal property, except when the will specifies it as marital property

I hope this sentence helps create understanding for those who are facing this issue. It’s important to recognize that inheritance received from our siblings or relatives is something that belongs to our bloodline. Our spouse, who doesn’t share the same bloodline, does not have rights to it

However, a will is a specific and focused matter. If someone passes away and their will designates you and your spouse as recipients of the inheritance, it will follow the intentions of the deceased to be marital property

How are marital assets divided?

Marital assets would be divided on Divorce

Dividing marital property during a divorce is indeed often based on an equal split between the husband and wife, each receiving half. However, there are cases that might seem humorous, such as splitting items like vehicles or even making sounds to split things in half. These examples highlight that a simple equal split might not be practical in reality.

You’re right because many assets aren’t in the form of cash or gold; they’re physical items. Splitting them down the middle might result in losses and regrets.

That’s why the law allows both spouses to come to an agreement. For instance, consider this example

Marital assets include a piece of land and two cars. The husband might agree that the wife takes the land with the house, while he requests both cars. Such agreements are legally acceptable without needing to ensure exact monetary equality. As long as both parties agree, it’s considered reasonable.

It’s true that in situations where people can communicate and divide assets amicably, it’s not a problem. However, when disagreements arise, legal procedures might be necessary. Courts may issue orders for division, but they can’t fully understand the emotional value of items.

In such cases, the assets might need to be sold, converted into cash, and then divided.

Is a financed house and a car considered marital property?

Regarding marital property, particularly significant assets that often raise numerous questions, such as houses and cars that are still under bank mortgages or financing, the situation is not the same due to legal distinctions.

Let’s separate houses and cars for an easier explanation, as their legal statuses differ:

“House”: When we buy a house, a thorough examination of the title deed would reveal our name as the owner while the bank or financial institution holds the mortgage. Legally, the house is our property from the day of purchase; we merely have a “debt” to the bank that needs repayment (though it might be a substantial debt).

Therefore, in terms of the house, it’s crucial to consider whether it has been registered. If it’s registered under our name, it’s marital property; if not, it remains personal property.

The issue doesn’t end there, as the “mortgage” aspect comes into play. While explaining the details might be lengthy, to put it succinctly, there might be ways to regain ownership or arrange repayment. But it’s important to note that resolving this often isn’t straightforward.

“รถ” รถจะมีสถานะที่แตกต่างกันครับเพราะว่ารถวันที่เราซื้อมามันตรงข้ามกับบ้าน ความเป็นเจ้าของในตัวรถจะอยู่ที่ธนาคารหรือสถาบันการเงินแต่เค้าให้เรามาใช้สอยก่อนเราจ่ายเงินครบเค้าถึงจะโอนรถให้ เพราะฉะนั้นถ้าจดทะเบียนสมรสก่อนแล้วธนาคารโอนรถมาให้ทีหลังก็จะเป็นสินสมรสครับ

“Car”: The status of a car is different. Unlike a house, when we purchase a car, its ownership is with the bank or financial institution until we complete payment. They allow us to use the car before full payment. Therefore, if the marriage is registered before the car is transferred, it becomes marital property.

 However, the issue with cars contrasts with houses in terms of “value or proportion.” If we use personal funds to pay installments, the proportion of personal ownership remains based on those contributions.

Is pension considered marital property?

Think of it this way: “Severance pay” or “government pension” is like a salary or bonus that a spouse receives from a private company. Therefore, if this lump sum comes after marriage registration, regardless of its amount, it becomes marital property. Just like any other income earned during the marriage, it’s considered joint property.

In summary

it’s evident that the law places great importance on marital property matters, with the main consideration being the “date of marriage registration.” Therefore, if you feel that you have significantly different financial circumstances from your spouse and are concerned about property issues, it’s advisable to consider creating a “Prenuptial agreement”

For those unfamiliar with pre-marital property agreements, you can learn more about them in this article: “Pre-Marital Property Agreement.”

Before registering your marriage, addressing potential conflicts and planning together becomes much easier, ensuring a smoother path forward.

Article:  Nadear / Kroek lawyer

Authorized:  Champ lawyer

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