But what happens when the family falls out? In most cases both spouses are the owners. How are you able to split the property? Many, many questions come up. From who is leaving? – to – can I afford this property on my own? – to – do I have to pay off my ex-husband?
It is exactly these questions that you seldom think about beforehand when all is going well. You don’t think there will be any malice with your partner. Everything will be settled peacefully. Unfortunately, in real life the majority of separations do not end harmoniously and you are not interested to settle peacefully with your ex. What to do when no one wants to move out, when one cannot pay off the other or the bank will not release you from joint liability of the mortgage.
The first step is to have the property evaluated so that there will be a specific value that can be discussed. Is this value assessment enough to satisfy the bank or even to pay off the partner? It is very important to be able to make a joint decision involving jointly-owned real estate. As it is difficult with all the raw emotions that are in motion. You can only dissolve a jointly-owned property, without judicial help, by mutual agreement. If one party resists, or waits it out, your hands are tied. Even if you move out and leave the playing field to your ex-partner, it does not mean “out of sight, out of mind”. You are still jointly liable for the property as long as you are registered as owner in the land register. This also means that both parties must contribute to the maintenance and modernization of the real estate. If you come to an agreement and agree to, e.g. rent being the taking over of the loan payments and if these are not paid, the bank may then approach each owner individually and in the worst case scenario initiate seizure. Also, each owner, on his own, could get additional loans or other creditors could register security mortgages on the entire property. If difficulties or complications arise with the other party, as quickly as possible one should dissolve the partnership through the sale or a buyout. But the co-owner always has to agree to the sale and also vacate the property later. Alternatively, only the worst case scenario remains — a division auction where you will receive a much lower price than if the property were sold on the property market or your partner paid off his portion.
If you are unable to retain the house and a sale is imminent, you should definitely seek professional help. In most cases, neutral negotiators are not seen as adversaries on the emotional level and can mediate between the two rival, separating partners. A good real estate agent, will listen completely without bias, addressing the individual needs of each party, in order to pursue the ultimate goal of both sides. An appropriate quick sale so that each person may pursue their new future.
If you would like further information about any of these topics, please contact us. We are very happy to advise you.
VENT-Immobilien Bad Saarow
Fürstenwalder Chaussee 3b
D-15526 Bad Saarow