For spouses, a separation is associated with a year of separation or with a waiting period of three years if only one partner agrees to the divorce. In the case of non-marital partnerships, however, it is possible to diverge without preconditions. In most cases, separation results in an increased need for money, since at least one of the two previous partners needs a new apartment and has to set it up.
Is borrowing possible during the separation?
If both partners achieve a sufficient income, they will each get their own loan during the separation without difficulty. Borrowing by the previous partner with a low income is more difficult. Providing the bank with the income of your previous partner or spouse as additional credit security is a behavior that is not permitted after the separation has been decided and can be regarded by the latter as an escalation of the loan.
A common loan is fundamentally possible during the separation, but in practical processing this can only be considered if there is a completely peaceful divergence. If both people sign the loan agreement, they are jointly liable for the repayment regardless of their relationship status. The legal fiction that spouses are jointly liable for credit agreements entered into no longer applies to a loan during their separation because it requires the money to be used for the spouses’ common purposes and cannot be assumed in the separation year.
As the amount of maintenance is only finally clarified in the divorce proceedings, spouses agree on a long loan term with correspondingly low monthly installments when borrowing during the separation year, so that they can pay them in any case. They also take into account the divorce costs to be paid in their financial planning.
Taking out personal loans during the separation period
On the platforms for arranging private loans, a loan is easier to obtain during the separation than from a commercial bank. Most of the private lenders registered there base their decisions less on hard credit criteria than on social considerations and especially support women during the separation phase with a loan.
The processing of private loans takes place via a licensed commercial bank, so that the separating borrower does not pass on his personal contact details to the also private lender. The bank carries out the practical work of lending and later repayment, the decision to grant is made solely by the private lender.