Recently separated from husband. Have no cash between us but large equity in the house which will have to be sold. We have 4 children. My question is, whatever I get awarded by the court (whether 50% of the house proceeds or more), do I HAVE to buy a house with the proceeds (although I probably will). Could I, for example, go into rented and spend some of the money on eduation for the children, or a car, etc. Can the courts (or my ex) restrict what I do with the funds? Or are they mine alone.
My reason for asking, is that DD2 is about to get her secondary school place. Ex (and I, to be fair) both wanted to get her into a really good school that also has boarding facilities. In order to try and get her in (we tried with DD1 and didn't get in ) we applied for boarding. Now, of course, even if she gets in, we can't afford it once everything financially is split. My question is whether I can let her go and pay out of my share of the proceeds of the house, or can I not do that?
Is that not a bit short sighted for your other dc? If yoou spend all the money on school fees (presumably not masses if you are talking of renting) what will happen for the others .
Also do you work? if you are claiming benefit you will be expected to live off the money until it reaches a certain level when the state will step in to assist you. (This does not include a nice car etc).
If your ex also wants her to attend school why do you both not sacrifice a proportion of the equity for her education (maybe managed seperately in a trust?) just a suggestion IADNAL.
Thanks. I was thinking my ex would pay his half as his earning potential is far greater. I was going to put some aside for all the children, it's just that DD2's case is pressing as big decisions need to be made.