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Where do you want to purchase the building? In Korea?
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.
Thank you for that information. I will need to opt out of this question. Another expert will assist you.
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?