Credits: What to do in the event of divorce?

Acquiring a home or a car, starting a family and having children, all projects that may require taking out one or more credits for a married couple. What happens to these financial commitments in the event of a divorce? How to avoid conflict situations with your ex-spouse? Good Lenders advises you…


The mortgage after divorce …

credit loans

Once the divorce is declared, your banker can ask you to repay your mortgage. You then have two possibilities: Either the repurchase of the credit, carried out by yourself or your former spouse, or the sale of the property for the purpose of repaying your loan.

Depending on the date on which the property was acquired, resale is not necessarily the best solution. If the purchase was made within two years, your credit is still little repaid. The sale can then lead to substantial losses, and it is better in this case to consider a credit buyout by one of the two ex-spouses. As part of this credit repurchase, the party wishing to acquire the property in its entirety must establish a new credit file with its bank.

If most of the credit has been repaid, you have the option of reselling your property to settle it. This operation is all the more advantageous when the real estate market allows you to make a nice capital gain.


What to do in the event of consumer credit…

What to do in the event of consumer credit & hellip;

If an amicable settlement is possible, this is the best possible option. Otherwise, you must verify that the name of your spouse is indeed mentioned in the credit agreement in order to request the sharing of the repayment. If your ex is mentioned and he does not wish to pay, you will however have to call on a lawyer. As soon as the court decision is made, a copy of the judgment must be sent to your credit center in order to free you from the commitments made by your ex-spouse.

Divorce can be a difficult stage in life to manage. Better to avoid adding to the concerns of this event, financial issues that can be ironed out by following a few simple procedures.



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