Following a divorce, what happens to a joint mortgage in Dubai?
Holo Blog
Holo Blog
When a couple decides to end their marriage, the question of what happens to their joint assets, including their home, is a major concern. For many couples, a home mortgage is one of the largest debts they will have to navigate in the divorce process. In Dubai, there are specific laws and regulations regarding joint mortgages and their division in case of a divorce.
In this article, we'll explore what happens to a joint mortgage after a divorce in Dubai and what options are available for both parties -
When it comes to joint mortgages in Dubai, it is essential to understand the legal implications of the divorce settlement. In some cases, the settlement may require both parties to continue making mortgage payments until the mortgage is fully paid off.
In other cases, the settlement may require one party to pay off the mortgage in full. It is essential to work with a mortgage advisor to understand the specifics of your situation and to determine the best course of action.
It's also critical to note that if the mortgage is in arrears or if the property is in negative equity, the situation can become more complicated. If the mortgage is in arrears, both parties will still be liable for the payments until the arrears are cleared.
In cases of negative equity, both parties will be responsible for any outstanding mortgage payments, even if the property is sold for less than the outstanding balance.
If you are going through a divorce in Dubai and have a joint mortgage to deal with, it is important to seek professional advice to understand your options.
Contacting a mortgage advisor or digital mortgage service such as Holo can provide you with valuable guidance on your mortgage products, help you navigate the process, and answer any home mortgage questions you may have. Our team of experts can offer you personalised solutions and help you find the best mortgage rates in Dubai.
Contact us today to learn more and use our mortgage calculator to get started.
This blog is for educational purposes, but everyone's case is unique, and local guidelines and regulations may change. Our mortgage advisors can help you with any question you may have and have the latest advice. Get in touch.