In the case of a separation, many things have to be regulated, including the financial situation. In particular, if there are loans, rescheduling is usually inevitable during the separation. The existing loans are divided into contracts that are signed by both sides and loans that have been taken out by only one partner. Basically, it is important to find clear facts and solutions that financially regulate a life after separation for both parties if possible.
Check joint loan agreements
The separation ensures separate financial relationships. If a loan exists that has been signed by both partners, there is a payment obligation on both sides. If one partner cannot pay, the lender will hold the other contracting party responsible. It is therefore advisable to clarify as soon as possible whether the payment obligations can be met by both sides.
A debt rescheduling in the event of a separation can be a good alternative, for example, to reduce the rate by, for example, a longer term or to merge several loan agreements. However, a conversation with the lender should be sought as soon as possible to explain the changed situation and to find a viable solution.
Credit agreements with only one counterparty
If only one partner has signed the loan agreement, the payment obligation usually remains with the person who signed it. However, it can also be divided between the two when dividing the ratios, but this depends on the individual case. Debt rescheduling is also an option here and should be checked with the lender.
Preparation for optimal debt restructuring
If the loan agreements in question are at the end of their term, rescheduling is normally not a problem. Debt rescheduling could only be problematic if the partners could not agree. However, even in such cases, the lenders are only interested in having the loan amount repaid reliably, which also makes it possible to receive conditions that a partner can bear alone.
In the case of loans that would continue for a long time, intensive negotiations are necessary in order to avoid any prepayment penalties. If you stay with the original lender, these additional costs are usually avoided. Nevertheless, it is advisable to obtain several offers in order to find the optimal solution.