For couples who are getting divorced, in many cases one or more loans have been taken out jointly. How should you deal with that and what are the rules, can you still borrow money in the event of divorce even if it has already been pronounced. For a lender, it is also important to know how things are going so that they can make an informed decision.

There is a duty of care to ensure that you do not take too much credit on your shoulders. This way you can continue to live in a normal way even after the divorce.

Borrow money on divorce

After a divorce you may be faced with a number of costs that you did not have before, such as partner alimony and if you have children, the court will always award child alimony. You will also have to look for new living space while you previously owned a house together, so it may be that you will end up with double living costs for quite some time.

These are all things that put a lot of pressure on your budget. However, if you have enough salary, you can still qualify for a loan to help bridge a difficult time.

Who signed

It is of course important when taking out a new loan that you look at what you yourself are still responsible for before the divorce. Regardless of the loan (s) you have signed, you will almost naturally have signed for the purchase of a house, although there may be situations in which your partner already had a house before entering into a relationship and you went to live there , in that case you have no obligations in principle.

If you have entered into one or more financial obligations together, you are initially responsible for half. In the second instance you are liable for the entire amount if your ex-partner stops paying, this also applies vice versa, if you stop paying then your former partner is liable for the entire amount.

Split loans

Of course, outstanding debts can also be split in the event of divorce so that you no longer have anything to do with each other. If one of the partners has a backlog in payment and even a BKR report, the lender may refuse to split the loan, since if half of the amount goes to those with a backlog then it is no longer certain whether the debt will be repaid. After a split of the outstanding debts, the part of your ex-partner can no longer be recovered from you.

Choose the lowest interest rate

If you are going to borrow money in the event of divorce, then when your old loans are split you actually take out a new loan. This gives you the option to shop for a provider with the lowest interest rate, you may stay with your current lender, but this is of course not an obligation.

If you have older loans, chances are that they still have a high interest rate, in the meantime the interest rate has fallen so sharply that you can get a huge benefit with it.

Divorce and seek help

Divorce is common and has a deep impact on all involved, especially when children are involved, this can lead to stressful situations. But drafting a divorce agreement also causes a lot of unrest. Do not hesitate to seek help during this nasty period, this can be with friends or family, but you can also seek professional help.

For example, there are talk groups throughout the country with people going through the same period as you. That way you can listen to others and discover how they deal with this situation.