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When a couple decides to end their marriage, one of the major concerns is the division of joint assets, particularly their home. In Dubai, specific laws and regulations govern joint mortgages and how they are handled during a divorce. Understanding these rules can help both parties navigate this challenging process with clarity.
The first step is determining whether the property is held under joint ownership or solely owned by one spouse:
In either case, the mortgage must be addressed as part of the divorce settlement.
One common option is to sell the property and split the proceeds. This is often the best solution if:
If one spouse wants to retain the property, they may need to buy out the other spouse's share. This process involves:
In some cases, one spouse may continue living in the home and making mortgage payments. This can provide stability, especially if children are involved. However:
The divorce settlement will outline how the mortgage is handled:
Consulting a mortgage advisor is crucial to understand the specific legal implications and determine the best course of action.
If you are navigating a divorce and a joint mortgage in Dubai, professional advice is invaluable. Contacting a mortgage advisor or a digital mortgage service like Holo can help you: