What are the legal consequences of a separation on the shared assets?
May 18, 2023 | 50,00 EUR | answered by Fred Busse
Dear Family Law Attorney,
I am reaching out to you as I urgently need information on the legal implications of a separation on our shared assets. My name is Greta Heck and my partner and I recently separated. During our relationship, we purchased a house together, which we both finance. Now, I am wondering how the separation will affect our assets and what legal steps I may need to take.
Our current situation is as follows: We have been together for five years and bought the house two years ago. Both of us are listed as owners on the property deed and we took out a loan together to finance the house. Now that we are separating, I am concerned about the future of our assets. I wonder if I have a claim to a portion of the house, even though we are both listed as owners and are paying off the loan together. I also wonder if I may need to buy out my partner or vice versa.
My worry is that after the separation, I may be left without a home or financially disadvantaged. Therefore, I am seeking information on the legal implications of a separation on our shared assets. Are there any laws that can assist me in this situation? What steps may I need to take to protect my assets?
I would greatly appreciate your assistance during this difficult time and any information on possible solutions you can provide.
Sincerely,
Greta Heck
Dear Mrs. Heck,
Thank you for your inquiry regarding the legal consequences of a separation on your shared assets. A separation is usually a difficult and stressful situation, especially when it comes to financial matters such as shared property. I would like to provide you with some information on this topic and suggest possible solutions.
In your case, you and your partner have purchased a house together, for which both of you are listed as owners in the land register and have taken out a loan. In the event of a separation, the question arises of how the shared assets will be divided and what legal steps you can consider. It is important to note that in general, the principle of equal division of shared assets applies in the event of a separation. This means that you generally have a claim to half of the value of the house, as both of you are listed as owners in the land register.
With regard to the financing of the house through a joint loan, it is important to examine how the loan repayment was handled during the relationship. If both partners have jointly taken on the loan repayment, this can be taken into account when dividing the assets. There is a possibility that one partner may have to buy out the other in order to take over the house alone. This can be regulated through an agreement between the partners or as part of a legal process.
It is advisable to seek legal advice early on in such a situation in order to best represent your interests and protect your assets. An experienced family law attorney can support you in this process and help you find a fair solution. It is important to have all relevant documents and contracts related to the purchase and financing of the house available in order to receive informed advice.
In summary, the legal consequences of a separation on your shared assets should be individually assessed and depend on various factors. It is advisable to seek legal advice early on to protect your rights and find a fair solution.
I hope that this information is helpful to you and points you in the right direction during this difficult time. Please feel free to contact me for any further questions, and I am happy to assist you in finding a solution to your problem.
Sincerely,
Fred Busse
Family Law Attorney
