Divorces and housing loans
When you celebrate a marriage, there never are any plans for it to end. Nowadays, it is increasingly common for couples to divorce or separate in the case of a non-marital partnership.
This event in people's life can bring painful moments, but you must be prepared to follow some necessary steps. It will always be paramount to clarify the division of inheritance and the responsibilities to which each individual will be responsible.
When you are married, usually you want to live together. For this reason, it is natural that as a couple, they have taken out a bank loan for an investment in a house. In a divorce event, do you know how these issues of liability for a housing loan are solved?
Division of inheritance
The first step, after the hard decision of divorcing, will be the division of common inheritance between the couple. An inventory of all belongings will have to be made to establish an agreement between the two parties. If you have opted for the separate property regime in marriage, this first part does not apply to you. If a joint mortgage has been acquired, it is at this stage that the responsibilities of each individual towards the lender will be determined. It must be outlined who keeps the property, and consequently, who assumes the remainder of the dept.
Bank contract
After clarifying which parties stay with the property, it will be necessary to communicate that decision to the bank. The financing entity will assess the risks of only one of the parties assuming payment of the benefits. The bank will always have the last word on the decision to divest the mortgage loan agreement. If accepted, the contract will be reviewed without spreading after this change.
The return
The person who takes the property that once belonged to both parties will have to compensate the one who did not keep the property. The value of financial compensation, which can be negotiated, or the most common thing to do, will be to evaluate the difference between the active amount and the passive amount of the loan, and the one who keeps the house will have to pay half of this difference to the other.
So that your monthly budget is not shaken, make sure there is an agreement between former spouses and thus ensure a phased payment on the amount of financial compensation.
If the spouse lives in the house with a child in common with the other party who has made the release of the credit, he or she may try to minimize the value of the loan, demonstrating that you will be responsible for school costs, parental allowance, health care costs and others that may arise.
Marriage or non-marital partnership regime
You should know that your marital situation will always influence home loans. In other words, the regime chosen by the spouses, such as the goods acquired during the marriage regime, the general community of goods regime, the separation of goods or the non-marital partnership will influence the contract with the banking institution. Each regime allows a certain form of division of the spouses' property in the event of divorce.
Consequently, if you have opted for the separation of goods, it is natural that only one person should have been responsible for the bank loan contract to finance a house. Please be aware that the non-marital partnership, concerning the division of goods, automatically faces the goods acquired during the marriage in case of separation.