Family happiness is possible without official registration of the relationship. Civil spouses sometimes even decide to buy joint property. Of course, this is not the case without a mortgage.
More recently, banks have refused to people living without a "stamp in the passport." Now the situation has changed. Most banks approve a mortgage loan for common-law spouses. For lawyers, common-law spouses are cohabitants, therefore, upon separation, their joint property will not be divided according to the law. Often, the division of property during the separation of roommates is not entirely fair, because it is very difficult to prove that the car, registered in the name of one of the couple, was acquired jointly. And what can we say then about the apartment, which is much more expensive.
Today the cost of renting a home is approximately equal to the monthly payment on a loan, so it is more profitable to buy your own property. And it is easier to pay off the loan together. Banks have their own benefits too. They got new borrowers. Cohabitants make up a significant part of the population of Russia (approximately 20% of the total number of borrowers).
The income of common-law spouses must be documented. In order for the bank to approve the loan, you will need to make an initial payment and have a reserve that can be used in the event of force majeure.
If one of the common-law spouses took out a mortgage only for himself, then, in the event of a break in relations, the real estate remains with the one for whom the loan is recorded. The bank is not interested in the fact that both partners took part in the debt repayment. It can be very difficult to prove this, one might say impossible.
The nuances of mortgages in a civil marriage
The main difference is that after the loan is repaid, the spouses receive an apartment in joint ownership, and the cohabitants become joint owners. They become co-investors. Their shares are distributed depending on the joint agreements and financial participation of each. For example, to make an initial payment, which is 40% of the price of real estate, the apartment of the common-law wife was sold, the remaining 60% of the mortgage was paid by the common-law husband. Now it turns out that the jointly acquired property of this civilian couple is divided in the same shares. However, co-borrowers can distribute their shares on their own and document them. Then you can easily divide the purchased apartment if the roommates decide to leave.
Such a share scheme protects the rights of each common-law spouse. You can divide the apartment in a completely civilized way. And none of the couple will be deceived and deprived. At the moment of parting, people are embittered and try to hurt their former beloved as painfully as possible.
When parting, you can sell the jointly acquired real estate, even if it is pledged, and then peacefully divide the money.
If one of the spouses wants to keep the acquired property for himself, then he can pay the second monetary compensation, and when the loan has not yet been fully paid, the bank may revise the payment schedule for the remaining common-law spouse.
It is necessary to keep documents on the payment of the loan so that in the event of a divorce, the participation of both parties in the payment can be documented.
The credit institution must be immediately notified of a change in marital status. If this is not done in time, then in the event of a divorce, the bank may require repayment of the debt from both borrowers. For example, the common-law husband left the apartment, giving up his rights, and the wife did not pay the loan. Both spouses are responsible for paying the debt.
If the common-law spouses, when parting, decide to sell the apartment, which is pledged, then such a transaction will necessarily be carried out under the control of the bank.
It is worth thinking carefully before making large joint purchases while living in a civil marriage. It is necessary, together with the bank, to think over a mechanism that will allow the division of property, so that in the end none of the parties is hurt.
Buying a joint property is a very important step. Partners must trust each other. It is necessary to calculate all the possible risks before entering into long-term financial dependence.
Often, a mortgage helps a civil couple to finally formalize the relationship. Registration of marriage is the best solution. A legal marriage will help prevent a lot of trouble.
It should not be forgotten that the average term of a mortgage loan is more than ten years. A lot can happen in such a long time. Most banks, although they do not refuse a loan to common-law spouses, still prefer to deal with couples who have formalized their relationship. In order for a young family to finally acquire a home for themselves, banks are developing special, more profitable lending programs. And for common-law spouses, such interesting loan offers are not provided, because before the law they are only cohabitants. For example, the programs "Young Family" or "Maternity Capital" are available only for people who have married through the registry office.
