I am about to start divorce proceedings with my ex, and have been trying to work out the house thing. we have no savings, only the house and children to sort out. What did you do with your house when you divorced? As far as I can see, I have two options -
1) Stay in the house - husband has to pay half of mortgage until children are a set age (they are currently 6 and 5), then I have to give him back equity when that point arrives.
or 2) sell the house - be forced to move to a smaller house in the next village, but be independent financially
The advantage of staying put is that it keeps us close to both my childrens friends and their school (which I do not want to take them away from, as it is one solid thing in their lives) and my friends, however, I am concerned at my unreliable husband not making his half of the mortgage payments. Also I would have to pay him back in years to come, but equally, I would feel isolated moving to the next village from me!
Finances wise - if I stay put, he has to pay towards the mortgage, which in the short term is better for me, but long term, he would get more equity (50/50), as at the moment, he is happy with a 70/30 split. If I move to the next door village, my mortgage would be still about £1000 pcm, which is half of my salary.
What did you do and any suggestions/ things to do or not do?
It hasnt all been approved yet, but the way i put it to him was that there are 4 of us in the family. I have the children - so i need 3/4 and he needs 1/4.
I basically told him I wanted the equity to be divided equally between all 4 of us, and that as the children will be living with me, then I need 3/4.
Our area is ridiculously expensive. To stay in the village, I would need at least £310k to buy a 3 bed house! Am going to have to move 3 miles down the road to a much more normal village to buy, where you can get a 3 bed for £235k upwards.....I work full time as a teacher, and am still going to struggle to raise the finances