The expert named ways to protect the family from debt risks with a mortgage
When applying for a mortgage, many spouses believe that the homeowner will be the one who has made the initial payment or is paying off the loan on their own. However, according to the law, an apartment acquired in marriage is most often recognized as jointly acquired property, regardless of who actually invested the money. A prenuptial agreement will help to avoid possible disputes and determine property rights in advance, Julian Ovechkin, an economist and head of mortgage department at developer Level Group, told Izvestia on July 21.
"As a general rule, an apartment purchased in marriage is considered jointly acquired property, regardless of who made the initial payment or paid the mortgage. If the spouses want to establish a different order of ownership of real estate, it is better to do this in advance with the help of a prenuptial agreement," the expert noted.
According to him, such a document allows you to determine in advance who will own the mortgage apartment, how the spouses will distribute the responsibilities for paying off the loan and what conditions will apply if family circumstances change.
At the same time, the prenuptial agreement does not change the obligations to the bank. If both spouses are co-borrowers, the credit institution can still require each of them to fulfill their obligations, regardless of what agreements have been fixed between the spouses.
"The document regulates relations within the family, but does not exempt one of the spouses from responsibility to the bank. If both people are listed in the loan agreement as borrowers, they continue to bear the same responsibility for paying off the mortgage," Ovechkin explained.
The expert also drew attention to the typical mistakes in the registration of a prenuptial agreement. One of them is the lack of notification to the bank if the terms of the document affect mortgage real estate. In this case, the lender may continue to be guided by the terms of the original loan agreement and ignore the agreements between the spouses.
Another common mistake is making a document without a notary certificate. Such an agreement will have no legal effect. In addition, it should not include provisions that do not relate to the property relations of the spouses, such as the rules of communication with children or the order of their maintenance.
"It is important to consider future real estate purchases. If only a specific apartment is specified in the contract, then when purchasing a new home, these conditions will not automatically apply to it. Therefore, the spouses should determine in advance the order of ownership of not only current, but also future property," the expert said.
Ovechkin called life and health insurance of the borrower an additional way to reduce financial risks with a mortgage. If an insured event occurs, such as disability or death of the borrower, the insurance company may repay the debt owed to the bank in whole or in part, depending on the terms of the agreement.
As a result, the apartment may pass to the spouse or heirs without a credit burden. According to the expert, the combination of a prenuptial agreement and insurance allows you to protect the interests of the family in advance, reduce the likelihood of property conflicts and avoid complex litigation in the future.
Olga Dovgilova, Managing Partner of Dovgilova & Partners Law Firm, said on April 19 that a prenuptial agreement allows you to resolve property issues in advance and reduce the risk of conflicts during divorce, especially in families with assets, businesses or children from previous marriages. The specialist stressed that the key stage is not the signing of the document, but the discussion of its terms. An open dialogue between partners helps to reduce tension and form a common understanding of the objectives of the agreement.
Переведено сервисом «Яндекс Переводчик»
