The separation of assets is a legal mechanism that takes on very significant importance during the end of the marital relationship, especially when it is decided to purchase the property that both spouses shared. But what exactly does a separation of assets consist of? How to buy half of a property under this regime?
What is the property separation regime?
Separation of assets is a matrimonial property regime that allows the assets of each spouse to be differentiated during the marriage. In this regime, each spouse manages and administers their assets and rights independently.
Although the assets of both are separate, there may be certain common assets, which are those acquired jointly during the marriage or whose ownership is difficult to prove.
As we have mentioned, in the separation of assets, each spouse is responsible for managing their own assets, both those acquired before the marriage and during it. This means that the income earned by each spouse belongs exclusively to that spouse, and no earnings or debts are shared between them. However, both spouses have the obligation to contribute to the marital expenses and may be jointly and severally liable for debts derived from domestic power.
In this sense, it is important to mention that, in the event of divorce, the property separation regime simplifies the economic liquidation, since there is no marital partnership to dissolve. The distribution of common property acquired during the marriage will be made based on the contribution of each spouse to its acquisition.
How to buy a property while under a separation of property regime?
Under the separation of property regime, if both spouses acquired the home jointly during the marriage, each one will be the owner of the part they contributed.
To acquire half of the property that belongs to your partner, it is necessary to agree on a price and formalize a deed of sale before a notary, documenting the transfer of half of the property to your name.
In addition to this, you must pay the corresponding taxes and manage the property registration in the Property Registry. In this sense, it is important to note that your partner can only transfer half of the property that corresponds to him, so it is essential to guarantee that you are acquiring the specific portion that belongs to him.
And if the property is mortgaged, how can I buy it?
In these cases you must take into account some considerations since the process is a little more complex.
First of all, it is necessary to obtain approval from the bank to carry out the transfer of property. The bank must authorize the transfer of half of the property in your name and also cancel the part of the mortgage that corresponds to your partner’s half of the property.
Additionally, if the mortgage is in the names of both spouses and your partner is no longer a co-owner of the home, it will be your responsibility to pay the portion of the mortgage that corresponds to your half of the property.
On the other hand, it will be necessary to agree on a value for this part of the property you want to acquire. The value may be based on an evaluation by a professional appraiser or may be the result of a mutual agreement between both parties involved. Once the value of half of the home has been established, the next step involves formalizing the transfer of ownership into your name. This is done by preparing a deed of sale before a notary. In addition, it will be essential to carry out the official registration of the property in the Property Registry to ensure that the change of ownership is duly recorded.
These types of transactions involve legal and financial aspects, so it is advisable to have the advice of professionals in the legal and financial area to ensure that all steps are properly executed and all contractual obligations are met.
What documents do I need?
To carry out the acquisition of half of any home, it is essential to carry out a series of procedures. The most common documents that will be required are:
– Deed of sale: this document establishes the conditions of the transaction, including the price of the home and the payment methods. The deed must be drawn up and signed in the presence of a notary, and subsequently registered in the Property Registry.
– Identification documents: both the buyer and the seller must present their identity documentation.
– Certificate of ownership and liens: this certificate has the purpose of corroborating who holds ownership of the property, in addition to identifying any liens that may fall on it, such as mortgages or embargoes.
– Certificate of debts with the community: if the home is part of a community of owners, it will be necessary to obtain this certificate to certify that there are no outstanding debts with said community.
– Energy certificate: it is essential to obtain an energy certificate that reflects the energy efficiency of the home, providing information on its consumption and emissions.
– Proof of supplies: it is advisable to verify that there are no pending payments related to essential supplies such as water, electricity or gas.
What expenses will I assume when buying half of the property?
On the one hand, you will have to assume a series of taxes, the Property Transfer Tax (ITP) that is applied when purchasing second-hand homes and whose tax percentage is between 6% and 10% of the value of the home (varying in function of the autonomous community) and the Documented Legal Acts tax (AJD) that affects notarial documents and whose tax percentage fluctuates between 0.5% and 1.5% of the value of the home.
Furthermore, the drafting and signing of the deed of sale will require the intervention of a notary, entailing fees that will vary in line with the value of the property and the professional’s rates. On the other hand, once the transaction is concluded, it will be necessary to register the property in your name in the Property Registry, an operation that also entails costs that will depend on the value of the home and the registrar’s fees.
Without forgetting that if the parties cannot reach an agreement on the value of half of the home, it may be imperative to have an appraisal carried out by an independent professional, which entails an additional cost.
And finally, the cancellation of the mortgage. If the home has a current mortgage, you will have to pay the cancellation corresponding to half of the property you intend to acquire. This management could imply a commission for early cancellation or the payment of notary and registration fees.
Can I sell my share of an inherited house?
