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Barcelona, December 29, 2023.
The Català Reinón law firm explains what options you can have with the mortgage in the event of divorce
The divorce process involves important financial and legal decisions, one of the most notable being what to do with the mortgage. Who has to pay the mortgage after the divorce? The responsibility of the mortgage falls on the holders of the loan, regardless of the matrimonial property regime. In divorce, as detailed by the law firm in Barcelona, the distribution of assets and the mortgage burden between the spouses can be agreed. Mortgage novation is a recommended option if one assumes the mortgage, although it involves expenses such as commissions and appraisals, it is best to go to a law firm in Madrid.Options to know what to do with the mortgage in case of divorce• Sale of the home : Pay off the mortgage with the funds from the sale.• Continue with joint mortgage: Agreement to share expenses and responsibilities.• Subrogation to one of the spouses: Transfer ownership of the mortgage to the spouse who stays.• Economic compensation: Financial agreement in exchange for giving up the home.• Extermination of condominium: Transfer of the share of one of the spouses in exchange for assuming the mortgage. What happens if one of the spouses does not pay the mortgage? Failure to pay can have serious consequences, including foreclosure. Non-payment could be considered family abandonment if it affects minor children. It is crucial to clearly establish the terms during separation to avoid legal and financial problems. How to remove a mortgage holder by separation? Eliminating an owner involves mutual agreements, solvency evaluation, mortgage subrogation, liquidation of the other spouse’s share and updating documents. Conclusion: Is a lawyer needed if you have problems with the mortgage in the event of a divorce? Mortgage management in divorce is a complex matter. It is recommended to seek the guidance of an expert family law and divorce lawyer to make informed decisions and protect the rights of both parties. For no-obligation consultations, the Català Reinón law firm is available to provide specialized advice.
Contact Contact name: Gemma Reinon Tardaguila Contact description: CATALA REINON ADVOCATS, SLP Contact phone: 34685996721
