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Which matrimonial regime to apply for your mortgage loan alone while married?
There exists several diets matrimonial main in Belgium. Generally, we will choose either the community property regime either the regime of separation of property. Here is the difference between these two diets.
The matrimonial regime of community property
Choose it community property regimethis means that all goods which will be acquired after your marriage, whether it is you who invests in it or your spouse, will belong to both, in other words, they will belong to the community.
However, this is not the case for all your assets since the assets acquired before marriagereceived in legacy or in donations will not be not shared via this regime.
If one day you decide to separateall the common property will then be divided equally.
This regime is the most common because it protects both parties. In the event of divorce, each will end up with part of the property purchased together during the marriage.
The matrimonial regime of separation of property
Conversely, choose the matrimonial regime of separation of property means that everyone will retain ownership of goods purchased before and during your marriage.
Assets are not shared, so this is the solution you need if you want to take out a mortgage loan alonewithout the participation of your spouse.
However, even if you have opted for a matrimonial regime of separation of property, you still have the possibility of taking out a mortgage loan and purchasing a property with your loved one. This is also possible!
Obviously, in the event of divorcethere will also be no sharing of property, each person retains the property which belonged to them before their union and acquired during the marriage. Only goods purchased jointly will be divided.
Can we change marital regime during marriage?
He is completely possible to modify your matrimonial regime. To do this, simply go to the notary and request a amending document. This will allow you to move from one diet to another.
Thus, it could be interesting to move from a regime of community of property towards a property separation regime if you want to find a certain independence in your finances and avoid various financial problems. If it is impossible to repay a loan, for example, the bank will not be able to touch your spouse’s property.
It could also be interesting to move from a regime of separation of property towards a community regime upon retirement, in order to protect your partner particularly in the event of death.
It’s decided, you are going to take out a mortgage loan alone and you would need advice and support to guide you through the various procedures of this loan application? SO, call Crédit Wallonie ! Your specialist in mortgage and personal loans in Wallonia!
What are the implications of different matrimonial regimes in Belgium on the responsibilities and liabilities for mortgage loans?
Welcome to our interview today! World-Today News has gathered two guests to discuss the various matrimonial regimes in Belgium and their implications on mortgage loans. We have Ms. Emma, a family lawyer, and Ms. Sophie, a financial advisor at Credit Wallonie.
1. Ms. Emma, as a family lawyer, could you explain the different matrimonial regimes in Belgium and their impact on mortgage loans for our readers?
2. Ms. Sophie, as a financial advisor, what are the main considerations for someone who wants to take out a mortgage loan alone while married?
3. Ms. Emma, could you shed light on the advantages and disadvantages of each matrimonial regime with respect to taking out a mortgage loan?
4. How can someone modify their matrimonial regime during marriage? Is it always necessary to consult a lawyer?
5. Ms. Sophie, how does Crédit Wallonie assist clients who are interested in taking out a mortgage loan alone while married?
6. Ms. Emma, what happens in cases where a couple decides to separate after purchasing a home under the community property regime?
7. Ms. Sophie, do you have any advice for individuals considering taking out a mortgage loan without their spouse’s involvement?
8. What are some other key factors that individuals should consider before deciding on their preferred matrimonial regime?
9. Are there any particular challenges that arise when a couple with different matrimonial regimes decides to purchase property together?
10. how has the COVID-19 pandemic affected the process of taking out a mortgage loan in Belgium? Have there been any changes to the requirements or guidelines for applicants?
