Searched, but was unable to find relevant info, surprisingly…
Looking to buy a house here with my wife of close to a year. At the moment it appears that the down payment will be paid by myself with assistance from my parents in America (in the form of a loan that I will be repaying.) The remainder will be in the form of a bank loan.
I make between 2-3x what my wife makes, and while we will be paying the mortgage together, I expect that I will be paying a similar proportion (20k from me a month, 10k from her a month, for example).
In the event of a divorce (which I obviously don’t want), what would happen with the house? Let’s just say, for example, that the house cost 7 million and the amount I paid is 5 million from me and 2 million from her. Does the house just get split 50% for each party, or does the amount paid by each party become a factor?
Any advice on this question or on the process would be appreciated!
If the house is in your wife’s name, almost certain it will be at her discretion as to what % you receive in the event of a divorce. I know several foreign residents that have been burned by this so you are wise to work out the details ahead of time.
I’d also make sure to consult an attorney with expertise on the matter.
All issues, including divorce, death or incapacitated spouse must be evaluated before marriage. Steps must be taken for mutual assurance and protection.
If you are marrying into a different country, you must understand laws are different. Anything else jeopardizes your marriage and person.
Too many foreigners lose house, enterprises and children because they do not understand this.
As a foreigner, he needs allies, friends, not critics. Isolated he is more vulnerable.
If he pays, the house shoud be on his name. If he chooses not to, in order to avoid taxes or make it easier, then he is at risk in case his spouse divorced him or dies. He should understand his rights.
If he can’t legally and truly not put it under his name, some backup provision should be made. But this is very rare nowadays. He definitely must get a lawyer and fight to get his name on paper and do not wait to get married. Laws are not the same here!
You’re a foreigner. House is completely in her name. Foreigners aren’t allowed to own real estate in Taiwan. You would need a pre-nup detailing what you would receive in the event of a divorce. Good luck with that.
DON’T put house in her name. If you pay, you put your name on it.
It IS POSSIBLE to get a house without a guarantor in your name. You are ALLOWED to have real estate as a foreigner. Mortgages can be hard but your real estate agent should be fighting for you.
Personally I’d never buy a house jointly and not have my name on it. No way Buster.
As the old expression goes, possession is nine tenths of the law. If it’s in one person’s name, it may get dicey proving it is yours if things go south
And as said by others already, foreigners can get mortgages without guarantors but you may need to hit up a few banks to find a willing one.
You can specify the percentage owned by both parties… ie. you own 67% and your wife owns 33%. No idea how this plays out in reality if things don’t work out though
If the house is a big purchase/ a large part of your savings you might want to get joint ownership.
But, if you got other assets and wouldn’t be too bothered if you lost a big part of the part you paid in to the mortgage of this specific house, I wouldn’t bother with it.