How best to get a mortgage property if only one of the spouses will pay the loan
Buying real estate with a mortgage is one of the most common ways to get your own housing among many couples. Often, when planning to buy an apartment or a house in this way, the spouses decide that only one of them will pay the loan in the future. Everything would be fine, but in the event of a divorce, the mortgage property is considered jointly acquired, and the spouses are recognized as co-borrowers (therefore, they have the right to joint property in an equal share).
In the bank contract, you can find a clause according to which the dissolution of the marriage between the co-borrowers does not affect the terms of the agreement between them and the financial institution.
Given the number of frequent divorces, today banks are reluctant to issue mortgage loans for one of the spouses.
But in order to minimize their risks, they automatically appoint a second family member (husband or wife) as a co-borrower (even if he does not have an income).
No one, when applying for a mortgage, is planning a divorce. But after a while, anything can happen. In order to avoid problems associated with the division of property or unwillingness to participate in loan payments after divorce, it is necessary to properly organize the entire process at its initial stage.
What experts advise
How is it better to get a mortgage property if only one of the spouses will pay the loan? This question is of interest to many married couples. There is only one advice here – to conclude a prenuptial agreement in parallel. In this document, it is necessary to indicate the share of the husband and wife, as well as to determine the order of payments for repayment of the loan in case the family breaks up.
Most often, a marriage contract is concluded even before the official registration of the marriage. But it is not forbidden to do this after the registry office – before applying for a mortgage.
It is important to know that the document becomes legally valid only after notarization.
It is possible to change its clauses or completely terminate it by mutual consent.
If there is no prenuptial agreement
When a mortgage is issued for one of the spouses, but for some reason it is not possible to conclude a prenuptial agreement, the co-borrower needs to document the rights to a share in the property in another way. This will allow you to defend your rights in court during a divorce. Such cases are often found in judicial practice. In addition, you can also apply to the court in order to protect yourself from banks, which often seek to protect their own interests by violating the rights of borrowers.
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