45% of marriages end in divorce. Infidelity, lack of confidence, possessive jealousy, financial problems, voyeurism of in-laws are just a few explanations for this figure. Leaving the person you have lived with for many years can be painful. Added to this pain is to let the loved one, the anxiety of financial matters. What happens to your credits?
The 4 forms of divorce
Before talking about finance, do you know the different types of divorce?
- Divorce by mutual consent: more and more widespread, this so-called amicable divorce asks the spouses to agree on all the effects of the divorce.
- Divorce for fault: If a marital fault was committed during your marriage by you or your spouse, you can request a divorce for fault. If there has been a fault, the spouse at fault may be required to pay damages.
- Divorce for definitive deterioration of the marital bond: used when there has been no more common life for more than two years between the spouses.
- Divorce upon acceptance of the principle of marriage breakdown: You and your spouse agree to divorce but you cannot find a consensus on the effects of the divorce, opt for this divorce.
The 3 major matrimonial regimes
There are also three major matrimonial regimes (mode of operation established by the marriage contract):
- The regime of separation of property outright: property acquired before and during the marriage reverts to its owner. For purchases in common, they are divided according to the contributions of each.
- The regime of participation in acquisitions: it is the same thing as the regime of the separation of goods, except that the goods are calculated according to their difference in value between the time of purchase and the separation to determine the increase in wealth of the couple before dividing.
- The universal community regime: as its name suggests, all property is considered common, even that acquired before marriage. In the event of separation, each has half of the common heritage.
From your matrimonial property regime, you should know what will happen to your property and that of your spouse. Will you share them fairly? Does everyone leave with the furniture they bought? Ask your notary and your lawyer to put things flat.
Divorce, and the credits in all that?
You get a divorce but what happens to the credits in the process of being repaid?
- Common debts : Financing your child studies, paying the rent for your house, paying off your consumer credit for the purchase of your swimming pool are common debts. They report to the maintenance of your household or allow you to finance the education of your children. In this case, they are to be reimbursed by the two former spouses.
- Personal debts : You organized a trip with friends during your marriage but your spouse did not accompany you? It is a personal debt. All debts which do not concern either household or education are personal debts. Here, you are the only person to repay this credit.
- The principle of solidarity : All household debts contracted by only one of the spouses are the responsibility of both spouses, unless they are deemed excessive. So even if your partner has obtained a loan to finance your child education when you were not yet divorced, you must help them pay the debt.
What then are the solutions for your credits in the event of divorce?
- You divorce by mutual consent, you still get along with your former partner, then it will be easier for you to continue to pay together . Finish paying off all of the “household debts” both.
- Repay your credits in advance so that you no longer have to pay credits with your former spouse. For this, either you have the money necessary following an unexpected inflow of money (inheritance, premium, …), or you go through another personal loan to pay the total amount you owe.
- Do you prefer to keep your house? Make a deal with your ex and buy his share .
- If you feel that you are going to have too many credits to manage, consider grouping credits. All your credits will be combined into a single lower monthly payment which will allow you to have cash and be able to finance a project. Do the calculation yourself easily on our credit pooling simulators.
The main difficulty in answering the question “I am divorcing, what is going on for the credits in progress? Comes from the matrimonial regime. It is he who will define if you must help your former partner to repay his debts or if you have no obligation to do so. Your notary or lawyer can help and inform you. Be careful not to take out credit in connection with education or your household until your divorce is not pronounced otherwise you will cause your ex in his repayment.