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lwpat
lwpat, Attorney
Category: Legal
Satisfied Customers: 25386
Experience:  Actively practicing trial attorney
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my wifenad I are us citizen. I have inherited a property (a

Resolved Question:

my wifenad I are us citizen. I have inherited a property (a land) in south korea. if I sell that piece of land start investing it by buying a commercial rental building, would my wife have right to htat commerical rental property? we are from washington state, now living most of our months and years in south korea.
Submitted: 6 years ago.
Category: Legal
Expert:  Sam replied 6 years ago.

Hi

 

Where do you want to purchase the building? In Korea?

Customer: replied 6 years ago.

Yes, in Korea. In addition, I wnat to mention that:

 

- purchasing the commercial building will not involve any help or contribution from my wife.

 

- I need the answer for both now and in case my wife and I are divorced.

 

- The land property was inherited decades ago, but due to some legal issues, it was finally inherited to me last year in court. My father deceased almost 40 years ago. It was inheritance from my father.

 

- I have been married for almost ten years now. I have been working to support the family, my wife has ben housewife all along.

Expert:  Sam replied 6 years ago.

Hi

 

Thank you for that information. I will need to opt out of this question. Another expert will assist you.

 

 

Expert:  lwpat replied 6 years ago.
Followup questions WILL be answered if my first answer is acceptable. Subscription customers. An ACCEPT is credited to me but you are not charged.

Inherited property is your separate property and not subject to division in a divorce. However, you must keep all money separate and not buy or pay the mortgage with community property like your salary.
Customer: replied 6 years ago.

We are looking at a land property that will provide about US $ 10 million.

 

WHen I buy the rental property (commercial building) it will be bought in cash.

 

Income made by runnign the commercial building for retal will be our income for living.

 

Does this change anything? You had mentioned that community property shouldn't be used in managing /paying mortgage for the commercial building. But in my case, the income from the commerial buildng will be used for supporting our living. Does this make the commercial building a community property?

Expert:  lwpat replied 6 years ago.
But in my case, the income from the commercial building will be used for supporting our living. Does this make the commercial building a community property?

Yes it does.
lwpat, Attorney
Category: Legal
Satisfied Customers: 25386
Experience: Actively practicing trial attorney
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