September is the month of divorce. In those 30 days, almost one-third of all divorce claims are concentrated, according to data from the General Council of the Judiciary. And not only this, but of all the demands that are presented a large part are non-consensual divorces, that is, in which there is no agreement between the couple. And is that there are issues that, if it is already difficult to speak, are even more aggravated when a couple has broken.
The keys to managing your finances after the break
One of the most difficult to get rid of ties is the economic one. And the solution is not always found in the matrimonial regime that has been chosen. Whether the couple decided to pool all of their assets or keep them separate, problems are often the order of the day.
To give some guidelines on how to proceed in these situations, the helpMyCash.com financial product comparator has produced a free guide titled Finance for Divorced, Money Management after the Breakup. This is a manual detailing what happens with each of the banking products that had been contracted with the ex-partner. In addition, guidance is given on how much this procedure costs and practical solutions to problems that often happen.
And is that to distribute the money of the bank accounts, the installments of a loan or of a mortgage is not easy. Sometimes, even, divorce is used to evade responsibilities, which further worsens the process. As you can remember from the comparator in your guide, for the repartition to be done easily, it is best for the couple to reach an agreement between them, without having to resort to a judge to determine what goods correspond to each one.
Mortgage, the product that costs the most to undo
Whether or not the divorce is friendly, there is a bank product that it will cost to get rid of, the mortgage. The simplest solution to get rid of that debt is to sell the house that the couple shared and use the transaction money to cancel the mortgage.
But, if one of the two decides that he wants to continue in the building, the situation is complicated. While changing ownership of the home so that it happens to be only one of the two can be easily done through a condominium extinction, disappearing as the mortgage holder is much more complicated.
If the couple does not agree on who will take care of the fees, even if they appear both in the contract, they must carry out a novation to modify it and leave a single owner. But banks do not usually access this, since losing a holder is synonymous with losing a guarantee of payment.
One of the tips given in the HelpMyCash divorce guide is that the person who wants to remain as sole proprietor demonstrates the bank that has a high enough economic profile to continue to face the payments without problem. Another is to provide additional guarantees, such as a guarantor or a new co-owner.