A divorce is never pleasant.
Even if marriage is in its last stages and divorce is supposed to restore order and normalcy, it is always a sign of failure. And on a human and financial level. Because we did not manage to pull together with another person whom we loved in advance.
A divorce can be especially painful when money comes into play. And not only assets, which must now be divided so that each partner gets the sum due to him, but also debts, which also have to be split.
However, since no one wants to go out of debt with a debt, this division is always particularly delicate, so usually the lawyers have to take the process in the hands. The fact is, however, that debts made in the marriage are transferred equally to both partners. This means that everyone has to carry his parcel and manage to split the debt fairly. At best, with the help of a rescheduling in the divorce.
Why a debt restructuring?
If there are more debts than assets, then the debts must be split. However, if they are tied up in loans, real estate or similar things and therefore can not be settled directly, then both spouses have to take out a new loan in order to settle the debts separately. This process is called debt restructuring in the divorce, as the existing liabilities are rescheduled on the two partners.
In order for a debt restructuring to succeed in a divorce, it is important that both borrowers have a good credit standing separately. Otherwise, it will be very difficult to find a good loan offer. In addition, the exact loan amount must be known, which then both partners have to master separately.
Where the rescheduling is done, each borrower can decide for themselves. We recommend using a comparison to find the best credit offers that can be used accordingly. Here, attention should not only be paid to the effective interest, but always on the repayment modalities. These should be adjusted so that they fit perfectly into the revenue-expenditure ratio. Especially for those who are in debt after the divorce, it is important that they are calculated accurately so as not to run the risk of overspending. On top of that, there should be enough financial leeway to realize expenses that were not planned.
Everyone would like to go on vacation, make new purchases or have repairs done. However, this will only succeed if at the end of the month not only debt but also a small surplus of money remains.
Tip: A comparison for a rescheduling in a divorce can always perform best if you use a comparison computer from the Internet. It shows all daily offers of all banks and savings banks and allows the borrower to “play” a bit with the duration and the installment. You can try out how the installment changes in relation to the term and what additional costs are incurred or eliminated.