The good times are over, the divorce is on – a joint loan, too. But who of the partners serves him after the separation? The answer is simple, but the devil is in the details.
Joint credit after separation
One thing is clear: A joint loan is payable after the divorce as well as before. The current marital status does not matter. The only thing that matters is who signed the loan agreement. If there is only one name under it, only its bearer has to pay for the debt. If the document was signed by the spouses or partners then both are under obligation. Therefore, the bank in question may adhere to each of the ex-partners. In each case in the full amount of the loan and not just half.
The bank may choose the debtor
The lender here has the free choice of who he reclaims the advanced money. Example real estate loan: The woman took over the financing of a freehold flat once together with her husband. After the separation, she leaves the place. Remaining behind the ex-partner – and a joint loan. That means a monthly rate of 2,000 USD.
The bank demands this amount from the woman, although she does not live in the apartment herself. This happens, for example, if your former partner can not afford the monthly installments themselves. According to § 426 Civil Code (BGB) this practice is lawful for a loan after the divorce.
Spouse maintenance as a straw
The woman in the example has to accept the decision. However, under certain conditions, she does not have to sit on the installment alone. She can at least partially recover the money if her ex-husband gives her a spouse’s maintenance. From this she simply pulls off the debts. So she usually spares about three-sevenths of the 2,000 USD.
Second possibility: The woman requires rent for the condominium, for example, half the rate, that is 1,000 USD. Then she gets more than just three-sevenths. But this only works if the ex-partner agrees. If he does not, the woman may not count the lost rent on the spouse’s household.
Only with certainty: credit override
A clean solution can be an override of the loan to one of the two partners. They must agree, however, then. And if the future sole borrower does not have sufficient collateral and sustained enough income, the bank lets the deal burst. Then a joint loan after the separation remains a problem for the woman.