A long-term marriage is a period where the spouses make joint purchasing and credit decisions. A joint loan for the renovation of a flat or a mortgage are decisions affecting the future for several years. What if the spouses’ ways diverge? When do they decide to divorce? How to solve the problem of joint cash or mortgage loans?
The case of a cash loan in the case of divorce of spouses
When a cash loan is taken out by one of the spouses and the other person only agrees to it, there is no major problem. After divorce, the main borrower pays him back and the former spouse is not charged in any way.
However , when the marriage decided on a cash loan together , the stairs begin. A bank loan agreement in which two borrowers are on an equal level obliges them to repay in the same way. After the divorce of former spouses, the ghost of repayment will continue to hang. It is not possible to divide the assets in court as it does not include debts. There must be mediation between the spouses and repayment levels set.
In addition, please note that if you apply for more loans, you may have a lack of ability. The obligations of both spouses include the entire installment amount, despite having a joint loan. Therefore, in each marriage, the consequences of joint crediting should be carefully thought out.
The case of a consolidation loan in the event of a divorce of spouses
With a consolidation loan, it’s the same as with a cash loan. It all depends on the construction of the loan. Was the loan signed for two borrowers or for one with the consent of the spouse. There may also be a situation where the spouse appears as the guarantor of the loan. Then he is also burdened with the loan repayment liability, if the main borrower cannot repay.
A mortgage in the event of a divorce of spouses
The vast majority of mortgages are signed for two people. Most marriages become “inseparable from the mortgage.” Indeed, there is a lot of truth in this mocking saying. Even after divorce, the marriage is obliged to pay installments for the property on time. It doesn’t matter to the bank who received the property charged with the bank loan.
It all depends on the spouses’ appointment. To this end, many spouses even decide to use the help of an experienced mediator. The solution is to sell your property by paying off your mortgage.
Rewriting the loan to one of the spouses, is it possible?
One of the solutions is the so-called transfer of a commitment from a joint commitment to one person . This is done in consultation with the bank. The bank will certainly charge a fee for the annex to the contract. Sufficient creditworthiness of the spouse to whom the loan is to be transferred will also be necessary. Such a transfer can only take place with the consent of the other spouse. It cannot be an arbitrary decision.