Marriage and credit, divorce and loans, or how to avoid problems with loans at divorce and how best to solve their problem. What about the repayment of the loan after the divorce? Who is responsible for loans in a marriage? Do you divorce the repayment of the loan repayment? If you are looking for answers to these questions, then you will find them in this article.
What about the repayment of the loan after the divorce?
According to statistical data, nearly 1/4 of marriages are falling apart. Nearly 90% of marriages pay off cash, housing or other loans. Some of these loans are contracted jointly by the spouses or when one of the spouses agreed to a financial commitment by the other. The smallest percentage are loans taken without the consent of the spouse.
Who is responsible for loans in a marriage?
In a marriage, the matter is clear and both parties are responsible for their financial obligations jointly with their assets and income. Joint liability also works when one of the spouses only agrees to take out a loan or does not express it at all (credit without the consent of the spouse). Such consent by the spouse, or even lack of it, if he did not sign the loan agreement, does not release him from liability for the obligation incurred by the other spouse.
How to avoid problems in divorce?
Problems begin because it is easier for former spouses to agree on the division of property than on the repayment of loans. Mortgage loans are particularly problematic due to their considerable amount.
On the occasion of a divorce, many people make a mistake that results in later financial problems and even inclusion in BIK. Divorce, unfortunately, is not a break with the loan, which should still be repaid together. Many people believe that since they did not sign any contracts during the course of the contract, and even did not agree to incur liabilities, they are exempt from the obligation to repay them after the break-up. Nothing could be more wrong, because credit should always be paid together.
Giving your husband or wife trust and accepting that he will pay off his debts can lead to trouble. If he fails to comply with the obligation, the bank will demand repayment to the other spouse.
The same applies to the situation when one of the spouses pays the other part of the obligation to the other, not controlling whether there will actually be a partial repayment of these funds. This is not beneficial in any case. Even if you pay your half of the debt, and your ex-spouse will get over your part, the bank will ask you to pay back.
What is the best way to solve the issue of loan at divorce?
The best and safest option is to split the property. This should be done in such a way as to secure funds for the repayment of loans from the marriage period in full. This solution will let everyone feel safe and everyone will be able to open a new life card with a clean bank card.
After the divorce, each of the former spouses may also take out a loan to each other so that everyone in their part can pay off the obligation from the duration of the relationship. Another solution is to assign a loan to one person. It is so burdensome that the same procedures are used for the transfer as for taking a new loan including costs (commission). The bank will check its creditworthiness and this may be missing because the income of the former spouse will no longer be taken into account.
Do you divorce the repayment of the loan repayment?
A divorce does not give the bank any discount rate, on the contrary, because in this situation the creditworthiness will decrease.
In the case of a divorce, it is necessary to agree on the repayment of obligations. As a rule, they are long-term and you are not sure what the financial situation of your ex-spouse will be in a few years. You do not know whether it will be able to pay off the debts (despite previous assurances), and its lack will bring you unnecessary problems even after years.