To ask how single parents of grown up kids manage financially?

[TheRippedOutPage]

I've been looking into the logistics of ending my marriage. Not a definate decision yet but something I fear may be on the horizon.

Realistically, by the time this ever happened I'd have no dependants at home. Just a grown up teen son who would probably be working or doing an apprentiship of some kind.

Therefore I'd get no child benefit, no child tax credits, no child maintanance - nothing. Because of my £22k salary I also wouldn't get working tax credit. (Fair enough, I'm not moaning).

So this leaves me with roughly £1600 a month to live on. This has come as a bit of a shock to me as I've been living in a married 'hubby on good salary' bubble for a good few years now.

Is it doable??? mortgage would be around £500 a month. Council tax around £80 a month.

[Squeegle]

I'm sure it's doable; you'll have to write down all your outgoings and work it through. Presumably your teenage son will start to bring in some money in the scenario you describe...

[sdaisy26]

Well can you cover your other expenses with £1020? Plenty of people do.

Work out what you will need to spend money on (utilities, phone, internet, car/travel costs, food etc) & go from there.

[KeepingitReal2]

Bumping for you... It is doable but tight. With children all grown up perhaps a new career for yourself?

[elodie2000]

You wouldn't be left with much disposable income at all so would need to live frugally. Try one of the bank's budgeting apps and put in all your outgoings. Transport/food/ bills etc. You'll get a clearer picture that way.
Surely you will get money from the sale of the house too?

[bythewatersedge]

It is doable, certainly. Generally speaking, it is more expensive living alone than it is in a couple and as such it might mean making some adjustments in ways you may not expect but it's as well to be aware of.

[RedHelenB]

I worked out £1000 a month would be the minimum I could live on and still have some "excess" money with no mortgage when the kids are grown up so definitely doable!

[Atlast2017]

How many years do you have left on the mortgage? Is your h on the mortgage too? What happens to the house when you split? Would your h support your son financially? When are you planning to retire?

I would look at short term and long term finances and then look at how you can survive eg extra income, downsize, reduce outgoings.

[TheRippedOutPage]

I've done a mock budget and after paying petrol, groceries and bills etc I'd have around £600 left.

It just freaks me out as I've been used to having £2k left a month after paying everything. Not boasting, just trying to explain why it's a massive shock to me. Currently I start shitting myself if we have less than a grand in bank. I'd have to get used to a whole new mindset. It's really opened my eyes, put it that way

[Sweets101]

Yes it's doable especially with that mortgage payment.
But, if its some way off now I'd be looking at how to increase my earning potential to be ready.

[Isadora2007]

Couldn't you sell the marital home and get half the money for a smaller place? You may also get alimony if in England? And some percentage of his pension or earnings?

[Sweets101]

Start preparing and getting used to it now OP. Put surplus into savings ready

[TheRippedOutPage]

We joint own this house but I wouldn't want to stay here. We'd have to sell it or he'd have to give me around £10k. That would be the deposit on my new house. Buying would be much cheaper than renting.
£500 a month mortgage compared to £700 a month rent.

[throwingpebbles]

If your salaries are so high how do you have so muff

[ladylambkin]

Definitively doable I'm currently living on the same monthly income and still have dependants at home

[ferriswheel]

How old are you? Would a new career be doable?

[throwingpebbles]

Sorry - so little equity in the house?

[throwingpebbles]

what other assets etc do you have? You need to go get decent legal advice.

[Squeegle]

You probably need to get some legal advice on how you would split the house, might not just be 50/50 especially if your son will live with you

[LemonSqueezy0]

You'd be entitled to half the house, but that could be delayed for years realistically. I wouldn't bank on alimony! You're already working so a judge would laugh you out of court! If you've been a sahm you'd be entitled to some of his pension. If it's good, he might be advised to give you the house as full settlement instead. I think the amounts you said you'd have would be doable but get that it's a massive adjustment in your personal circumstances.

[RandomMess]

Is that allowing for the fact that you may be entitled to more than 50% as he has higher earning power or that you may be entitled to spousal maintenance if he earns more than you?

[Gallavich]

How could you only be entitled to £10k after 20+ years of marriage to a high earner?!
Have you had legal advice?
As per your original question though - of course that sum is liveable. You will have to scale down your lifestyle.

[ProphetOfDoom]

There's a council tax single person discount of 25% for single adult households - depends on age of your son & if he's earning or in fte - and my water company also offer a capped rate for lone parents. If your son chooses to live with you and earns he should contribute to the household.

[MumOfTwoMasterOfNone]

Yes it's doable. I bought the house I'm in now earning less money and very similar mortgage.

You're lucky to take home that much. My salary is over £30k and I take home under £1600 a month as I'll be paying for my education stealth tax for eternity.

[TheRippedOutPage]

There is about £40k in the house but when we bought it, he put in £20k of his own savings. So take that off the £40k you're left with £20k to split.

I get that I could go for 50/50 but I don't want to fleece him. He's done nothing wrong and I always said I wouldn't go after the initial £20k in the event of a split.

Same with his pension etc, I get that I probably could - but I don't feel it would be right. He's worked hard for years for that. It's not mine to take.