How would you safeguard your property in the event of a split with your other half.

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Snowy79
Posted
Posted
3 hours ago, Dave Hounddriver said:

You may want to consult a lawyer. In the one case I know of, (speaking only of the Philippines), where someone tried that and the marriage went sour, the child was a minor when the parents split and the judge said the mother is the legal guardian of the minor child and could do whatever she decided was is in the best interest of the child, up to and including selling the house to provide cash for the "child's needs".  Once again, foreigner 

You're correct in that the Mother still holds the power until the child is of legal age and mental ability.

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  • 3 weeks later...
i am bob
Posted
Posted

I'm not sure as I'm not considering it...  But doesn't the SSRVP (or whatever it's called) give you the right to own?  

I know if you lease the land long term, you can stipulate a buy-out option at the end for your children of Filipino blood...  The house you build on the lease land itself will be in your name only if you so desire and the gf can't touch it...  

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Dave Hounddriver
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4 hours ago, i am bob said:

doesn't the SSRVP (or whatever it's called) give you the right to own?

Not unless you can give us a source to show it.  One of the qualifications of certain retirement visa is to own property, but they mean a condo.

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Gary D
Posted
Posted
4 hours ago, i am bob said:

I'm not sure as I'm not considering it...  But doesn't the SSRVP (or whatever it's called) give you the right to own?  

I know if you lease the land long term, you can stipulate a buy-out option at the end for your children of Filipino blood...  The house you build on the lease land itself will be in your name only if you so desire and the gf can't touch it...  

No the only visa is called citizenship. Yes you can own the building under certain curcumstances and if you split up you can take it with you when you leave.

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sonjack2847
Posted
Posted
On 2/7/2019 at 8:59 AM, Dave Hounddriver said:

You may want to consult a lawyer. In the one case I know of, (speaking only of the Philippines), where someone tried that and the marriage went sour, the child was a minor when the parents split and the judge said the mother is the legal guardian of the minor child and could do whatever she decided was is in the best interest of the child, up to and including selling the house to provide cash for the "child's needs".  Once again, foreigner out on the street.
 

Disclaimer, this is only one case and we always here the ones where the foreigner got screwed over.  Your way probably worked many times with no problems.

Maybe I need to explore other avenues as well, thanks Dave.

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JJReyes
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The ability to go around Philippine law is limited to the time period when the relationship is cordial. If the separation is bitterly contested, good luck in trying to get some of your investment back. The rules will favor the one who is a Philippine citizen. Besides, all the spouse has to do is keep the dispute locked up in court where the decision making is very, very slow. You lose because of the time factor. Legal ownership including inheritance rights transfers to other citizens (family members). I have heard some success in "lifetime tenancy" that allows you rights to residency in a home while you are still alive. Make sure a lawyer writes the contractual agreement and the spouse signs it in the presence of her lawyer. Investment properties are another matter.

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sonjack2847
Posted
Posted
3 hours ago, JJReyes said:

The ability to go around Philippine law is limited to the time period when the relationship is cordial. If the separation is bitterly contested, good luck in trying to get some of your investment back. The rules will favor the one who is a Philippine citizen. Besides, all the spouse has to do is keep the dispute locked up in court where the decision making is very, very slow. You lose because of the time factor. Legal ownership including inheritance rights transfers to other citizens (family members). I have heard some success in "lifetime tenancy" that allows you rights to residency in a home while you are still alive. Make sure a lawyer writes the contractual agreement and the spouse signs it in the presence of her lawyer. Investment properties are another matter.

I know I won`t get any investment back I just don`t want to be homeless when I am older. Maybe I should buy a condo.

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JJReyes
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Posted
2 hours ago, sonjack2847 said:

I know I won`t get any investment back I just don`t want to be homeless when I am older. Maybe I should buy a condo.

Good investment strategy.  The 40% foreign ownership rule works in your favor because you hold title to a condo property.  Anyone know if the Philippines offers "reverse mortgage?" if you run out of money and the condo is the one remaining major asset?

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  • 4 weeks later...
i am bob
Posted
Posted

Do the mortgage.  Put it in your wife's name.  Even on a 13a your income is considered as your wife's income for her to qualify for the mortgage.  She kicks you out?  You aren't responsible for further payments - she is.   And her income level just dropped. I know s guy who did this and he's very happy now...  Hehe!

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