EU Property Solutions are working in numerous cases with divorced or separated couples who require to settle their overseas debt in an amicable fashion. EU Property Solutions understand this can be a difficult and emotional time for all involved. Nonetheless, civility and working together can bring excellent results.
A common occurrence in these types of cases is that during the divorce one party was to take control of the overseas property with the other individual waiving their rights to the property as part of divorce proceedings.
However, if the correct processes are not undertaken in the country where the property is located; it is likely both parties will still be named on the mortgage.
Both parties, therefore, are joint and severally liable for the debt. The property and its associated debt are a joint problem.
Considering the above, if EU Property Solutions are to assist we require authorization. This is to act on behalf of both parties named on the mortgage. No matter how acrimonious the separation this is essential. You cannot act for one individual given the debt is joint and several.
With the overseas debt being joint and several it is essential to understand the ramifications for all parties involved. Actions taken by one individual affect the other party and unfortunately, we have seen in acrimonious divorces. Some parties make poor decisions knowingly they will have an adverse effect of an ex-partner.
EU Property Solutions have assisted borrowers in Spain who jointly owned a property in Negative Equity. We secured a voluntary surrender of the asset to their lender along with a complete debt write off. We can achieve this and still protect UK assets and income.
Should you have a European Property Debt owed jointly with a former partner and wish to know your options please call EU Property Solutions today on +44 (0) 330 124 1230.