MARRIAGE REGIME

HOUSING CREDIT

MARRIAGE REGIME

A life together also requires a budget managed by both parties, however, there are consequences for home loans in divorce situations depending on the property regime decided upon. 

Different matrimonial property regimes:

#1 Separation of property
Prenuptial agreement where the sole and exclusive ownership of the partners' assets is stipulated, whether future or existing at the time of the marriage. This law is mandatory if at least one of the persons is 60 years old.

#2 General communion
As the name implies, both parties' assets are common when the marriage is celebrated.

#3 Communion of Acquired Property
Unlike the previous regimes, this one stipulates the union of assets obtained after the date of celebration. Therefore, all assets that the parties already owned before the marriage are considered separate property. 

#4 de facto Union
Rights obtained as if the couple had celebrated marriage, however they must live together for more than two years and request a declaration from the Parish Council proving this. 

Bear in mind that if no type of regime described above is established, the communion of acquired goods will automatically apply. 

Is mortgage credit affected?

In the communion of goods regime, the financing requested from the financial entity is responsibility of both parties, becoming both holders and debtors of the credit. 
In the communion of acquired goods regime, there is not much difference from the previous regime, both parties become owners of the property and take charge of the loan. 

The regime that marks the difference is the separation of property, when you request a housing loan you can choose if it will be requested by only one person or by both, sharing the patrimony. 

The de facto union requires that both be registered as owners. 

Transferring a mortgage

If you already have a mortgage in your name as a single person, after marriage the transfer of the mortgage is made immediately, and your partner must be part of the loan. 

If you both own the home, the person added to the credit will have to pay the IMT, which covers the part of the house that also belongs to your partner.

In the separation of property there is no obligation for both of you to become owners of the property, you are free to decide what you prefer to do. 

Incidence of divorce 

The divorce process will develop according to the type of regime in action, normally the division of property between the couple will take place. 

In case the financing has been done jointly there are two possibilities before divorce: 
Either one of the parties assumes the responsibility of keeping the property and paying for it alone;
Or else, the property is sold and they share the amount acquired. 
In the first option one has to inform the bank and proceed with the ownership change only for the person who assumes that responsibility. This creates a risk, because the bank analyzes the financial capacity of the person, understanding if he/she has the capacity to support the credit alone.