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Marital assets debts Thai law
Marital Assets Debts Under Thai Law Article by Nuanchun Somboonvinij, Attorney, Tilleke & Gibbins International. In Thailand, marital property consists of: Earnings and most other property acquired during marriage Property acquired during marriage through a will or gift made in writing if it is declared by such will or document of gift Property that is […]
Marital assets debts Thai law
Marital Assets Debts Under Thai Law
Article by Nuanchun Somboonvinij, Attorney, Tilleke & Gibbins International.
In Thailand, marital property consists of:
- Earnings and most other property acquired during marriage
- Property acquired during marriage through a will or gift made in writing if it is declared by such will or document of gift
Property that is acquired during the time a couple is married is generally considered marital property. Consequently, marital property may include tangible assets such as cash in hand or in a bank account, vehicles, paintings, and so forth, plus non-tangible assets such as retirement benefits or lease rights. It also includes the fruits generated by a spouse’s non-marital property during the marriage. For example, if one partner owns a dairy farm before marriage, the income generated by selling dairy products during the marriage is treated as the couple’s marital property.
Certain assets may be excluded from marital property and are not divided between the parties. The general rules are that non-marital assets include the following:
- Property acquired before the marriage
- Property for personal use such as jewellery or tools of a profession
- Property acquired from an inheritance
- Property acquired as a gift
- Property excluded by a valid prenuptial agreement
Marital assets cannot be divided until a couple gets divorced.
Marriage gives partners not only the right to share in each other’s gains but also the obligation to share each other’s losses. This means that spouses share equal and joint responsibility for the debts they incur during their marriage.
What do you think? Is this a fairer and simpler system?
FAQ
What is considered marital property under Thai law?
Marital property under Thai law includes earnings and most other property acquired during marriage, property acquired during marriage through a will or gift made in writing if it is declared by such will or document of gift, and property that is acquired during the time a couple is married.
What assets may be excluded from marital property under Thai law?
Non-marital assets under Thai law include property acquired before the marriage, property for personal use such as jewelry or tools of a profession, property acquired from an inheritance, property acquired as a gift, and property excluded by a valid prenuptial agreement.
Can marital assets be divided before a couple gets divorced under Thai law?
No, marital assets cannot be divided until a couple gets divorced under Thai law.
What does the obligation to share each other’s losses mean for married couples under Thai law?
The obligation to share each other’s losses means that spouses share equal and joint responsibility for the debts they incur during their marriage under Thai law.
Does the system of marital assets and debts under Thai law seem fair and simple?
This is subjective and depends on individual opinions. However, the system under Thai law aims to ensure that both spouses share both the gains and losses equally during their marriage.
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