Marital Assets and Debts Under Thai Law

Marital Assets and Debts Under Thai Law

Article by  Nuanchun Somboonvinij, Attorney, Tilleke & Gibbins International.

In Thailand, marital property consists of:

1. Earnings and most other property acquired during marriage
2. 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 is that non-marital assets include the following:

1. Property acquired before the marriage
2. Property for personal use such as jewellery or tools of a profession
3. Property acquired from an inheritance
4. Property acquired as a gift 
5. 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?

Overseas maintenance agreements: Are they enforceable in Australia?

Overseas maintenance agreements: Are they enforceable in Australia?

The short answer in Yes.

Australia is a party to a number of international conventions and agreements regulating the recognition and enforcement of maintenance obligations.

Australia was a party to the New York convention on the recovery abroad of maintenance.

Australia also became a party to the Hague Convention on the recognition and enforcement of decisions relating to maintenance obligations.  This convention establishes reciprocal arrangements with other contracting countries to recognise and enforce maintenance decisions made by judicial or administrative authorities in convention countries.

The Child Support Agency in Australia now has the responsibility for the registration and enforcement of overseas maintenance orders and agreements.  An overseas maintenance agreement can be registered and enforced if it is otherwise a registrable maintenance liability.

There are specific provisions relating to maintenance in respect of New Zealand and the United States of America.

Overseas financial agreements: Are they enforceable in Australia?

Overseas financial agreements:  Are they enforceable in Australia?

The short answer is No.

If parties are living and working overseas any financial agreement they enter into in the country in which they reside before, during or after the relationship has ended, subject to the requirements of the jurisdiction in which the parties reside, which agreement is enforceable in such countries, cannot be enforced in Australia.

If the parties have property in Australia and if they do reside overseas and own property overseas, it would be advisable for such parties to enter into a legally binding and enforceable financial agreement in Australia as well as entering into a similar financial agreement overseas.

Australia is not a party to any convention dealing with the recognition and enforcement of international pre nuptial agreements.