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Divorce or separation: what will happen to my personal credit?

Blog | Credit | Various

In these turbulent times, a little clarity about your financial situation is appreciated. What are your obligations to each other? Who remains in charge of repaying your credit?

You took out a personal credit during or before your marriage. Even though it was probably established by the lender, based on your personal situation and that of your spouse, you are solely responsible for it.

However, certain circumstances determine the solidarity of your spouse. Marriage contract, separation of assets or community of property can change everything.

We remind you that mortgage credit is not associated with any consumer loan.

You are already separated: in principle solidarity no longer exists: the person who contracted the loan is responsible for it. However, if your “lender” is not informed of your separation, he or she can demand repayment of the debt from both spouses. This aspect may be validated by a court, based on the “lender’s” good faith assessment if he or she declares that he or she was unaware of your separation.

In principle, unlike a marriage in community of property, a separation agreement protects your spouse with regard to your debts contracted before and during the marriage. However, if the debt is a household debt: charges for the family home, furniture, cars, clothing, food, recreation, health care and the maintenance and education of children; both spouses become jointly liable for the debt, unless it is excessive in relation to their resources. This remains to be determined for each of them individually.

The community of property regime is binding on both spouses. A nuance: the regime of community of property reduced to acquests, excludes for each spouse ownership and solidarity on property or debts contracted by his or her spouse before marriage or arising from a family succession. On the other hand, the spouses are solidarily attached to the commitments shared with full knowledge during the union.

One spouse has stood surety for the credit of his or her spouse: whatever the circumstances, he or she remains solidary with the debt after separation.

Personal credit is not magic. Ask for information from responsible and competent credit institutions and we hope you find this information useful.