Does this count as an asset?

[anka 1]

hi!

If one is a joint/co- owner of residential property (an apartment, condo, etc.) could this be counted towards ones financial assets?

Thanks!

[pushbrk 12,877]

hi!

If one is a joint/co- owner of residential property (an apartment, condo, etc.) could this be counted towards ones financial assets?

Thanks!

Yes, for example you are 50% owner of a property worth $200,000 with a $150,000 mortage. The total equity (asset) is worth $50,000 and your half is $25k. You can offset an income shortfall at a ration of $1 income to three dollars liquid asset, so $8333. However, if you live in this apartment, it's unlikely they'll consider it something you'd be willing to liquidate to support a spouse.

[anka 1]

hi!

If one is a joint/co- owner of residential property (an apartment, condo, etc.) could this be counted towards ones financial assets?

Thanks!

Yes, for example you are 50% owner of a property worth $200,000 with a $150,000 mortage. The total equity (asset) is worth $50,000 and your half is $25k. You can offset an income shortfall at a ration of $1 income to three dollars liquid asset, so $8333. However, if you live in this apartment, it's unlikely they'll consider it something you'd be willing to liquidate to support a spouse.

Thank you for the info, pushbrk!

Yeah, I do currently live in the apartment I am half owner of (and plan to remain living there for the future, as far as I know..), so liquidating it would probably be really dumb and dangerous on my part. Oh, I wish I was a bit better at understanding this sort of stuff....

[rebeccajo 14]

You can show the equity, but you have to substantiate it. A recent appraisal or a tax ticket from your local authority.

DOS and USCIS will be more impressed by cash assets. I showed my sizable equity in my home on both the I134 and I864, but it was the cash in banks that were used to justify approval of the financials.

[Dakine 26]

I imagine USCIS would want to see you can sell it at any time.

Doesn't sound like it would be accepted as a valid asset without some kind of documentation showing the other co owner is OK with the selling of such when YOU need to.

The way the economy is now I wouldn't be surprised if USCIS disallowed using assets. Tough to sell ANYTHING now unless you are willing to "take a bath".

Edited December 26, 2008 by Haole

[pushbrk 12,877]

I imagine USCIS would want to see you can sell it at any time.

Doesn't sound like it would be accepted as a valid asset without some kind of documentation showing the other co owner is OK with the selling of such when YOU need to.

The way the economy is now I wouldn't be surprised if USCIS disallowed using assets. Tough to sell ANYTHING now unless you are willing to "take a bath".

Cash is an asset, they'll readily accept as liquid. Real Estate of any kind would probably be discounted in value from anything stated or appraised but again, if you live there and have a partner, it's not really viable as a means of support.

[tallcoolone 102]

I imagine USCIS would want to see you can sell it at any time.

Doesn't sound like it would be accepted as a valid asset without some kind of documentation showing the other co owner is OK with the selling of such when YOU need to.

The way the economy is now I wouldn't be surprised if USCIS disallowed using assets. Tough to sell ANYTHING now unless you are willing to "take a bath".

Cash is an asset, they'll readily accept as liquid. Real Estate of any kind would probably be discounted in value from anything stated or appraised but again, if you live there and have a partner, it's not really viable as a means of support.

Disagree

I think Real Estate is a liquid asset.

In general real estate is a great investment and usually appreciates.

[pushbrk 12,877]

I imagine USCIS would want to see you can sell it at any time.

Doesn't sound like it would be accepted as a valid asset without some kind of documentation showing the other co owner is OK with the selling of such when YOU need to.

The way the economy is now I wouldn't be surprised if USCIS disallowed using assets. Tough to sell ANYTHING now unless you are willing to "take a bath".

Cash is an asset, they'll readily accept as liquid. Real Estate of any kind would probably be discounted in value from anything stated or appraised but again, if you live there and have a partner, it's not really viable as a means of support.

Disagree

I think Real Estate is a liquid asset.

In general real estate is a great investment and usually appreciates.

Real estate is an asset but for this purpose, not "liquid" in that it is unlikely its owner will sell it to support their spouse, BECAUSE they are only half owner with a separate partner AND because it will be the family dwelling place. USCIS is not going to believe it will be sold to pay the bills while the family rents.

A liquid asset could be either a good or bad investment that can easily be "liquidated". Examples would be cash, mutual funds, stocks, collectibles, investment property in which the owner does not reside. Examples of non-liquid assets would be the family home or the business from which you derive your primary income. (unless you intend to sell them to pay the bills)

[taj'samericanwife 0]

what about land owned by your spouse in another country?

[pushbrk 12,877]

what about land owned by your spouse in another country?

Have it appraised and the appraisal translated but don't expect its full value to be considered. If you need the full value considered, sell it. Remember, if income is sufficient, there's not need to fill out any asset portions of the I-134 or I-864.