When a husband and wife get divorced, not only the jointly acquired property is divided, but also the loans. In this article, we tell you what rules there are depending on the types of loans, the specifics of lending, and life situations.
Which loans can be split?
In order for a former husband and wife to be able to divide a credit product during a divorce, it must meet three criteria:
The loan was taken out during the marriage.
Both spouses were aware of it.
The funds received were spent on the needs of the family.
If the loan was arranged in secret, but the funds were used for hungary mobile database joint purchases, a complex legal process may begin. There is no clear solution to this problem, everything depends on the specific case.
How are loans divided in a divorce?
There are two ways to divide debts:
voluntary (pre-trial);
by court order.
In the first case, the parties agree on who will take on the credit obligations and in what volume. This decision is certified by a notary. If an agreement cannot be reached, one of the parties initiates legal proceedings.
The outcome of the case depends on the roles of the husband and wife under the terms of the loan agreement. Let's look at three types of loans issued during marriage.