Divorce and housing are two issues that are sometimes difficult to combine to find a satisfactory solution; even when there is an agreement for one of the parties to keep the house, many factors can complicate the operation.
Divorce and housing: ways to buy half of the house
There are two alternatives, although both involve a prior appraisal of the property:
• Acquisition by one of the ex-spouses: the buyer must face expenses such as notary, taxes, registration, etc.
• Termination of joint ownership: the double ownership of the house gets dissolved, and one of the spouses becomes the sole owner in exchange for compensation. It avoids the payment of taxes such as the Property Transfer Tax.
If there is no agreement, the usual procedure is to initiate court proceedings to liquidate the community property or the division of the community property for sale at public auction.
Factors that influence the process
In the divorce and housing binomial, issues come into play that go far beyond whether or not there is an agreement for the transfer of the property.
Marital regime
There may be two circumstances:
• Community property regime: the property is shared 50/50 so that the party who wishes to keep the home must pay half its value.
• Separation of property regime: if the couple stipulated when acquiring the property how much each of them contributed, that will be the percentage to be paid by whoever gets the property. On the contrary, if nothing was specified, discrepancies may arise.
It is essential to consider that if the house is an inheritance, a donation, or was bought by one of the parties before the marriage, it is a separate asset and will not be part of the marital regime.
Differences in payments when purchasing a home
It is a common scenario for disputes when it comes to divorce and housing. In this case, the spouse who paid more must provide documentary evidence to calculate the fair financial compensation.
Homes with a mortgage
It is essential to inform the bank and make a change of ownership. Failure to do so will result in subsidiary liability, meaning that in the event of non-payment of the instalment, the bank can claim it from the party who sold. In a communal property regime, it is possible to carry out a mortgage novation or to get a new mortgage in the name of the person who keeps the property.
Homes with right of use
The fact that there is a right of use on the part of one of the former spouses or their children does not mean that the property cannot be purchased. Unless otherwise agreed, the period established for this right must be respected. The process is usually easier when the buyer has custody of the minors.
Divorce and housing: Useful tips
We recommend taking into account some issues to avoid complications in the transaction:
• Carry out an official appraisal of the property to establish its value.
• Establish the payment conditions and deadlines.
• Always modify the mortgage loan deed if there is one.
• In the case of the buyer, calculate the costs associated with the purchase: taxes, deeds, etc.
• Always try to reach an agreement and turn to professionals in case of discrepancies.
If you need to buy or sell, Spainhouses.net is the property website that helps you achieve it.