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Divorce and the house

(13 Posts)
user1463172942 Fri 17-Jun-16 16:49:43

Will get proper legal advice soon.

I am married. House and mortgage are in my name. Have 3 Chen aged 3-9.

In the event of divorce I know the house is a joint asset as we are married, but is it likely I would be forced to sell to release and share equity (about £20k)?

I wouldn't be able to buy him out. I have no savings and a poor credit rating. I don't want to try and get out of paying him what he's entitled to. I just don't have it now.

Thanks

lifeisunjust Fri 17-Jun-16 16:54:11

It depends on what the full family assets are, that includes pensions, savings, life insurance policies, furnishings, cars. You might be able to hand over the other assets to get the house.

It depends also where the children will live, 50/50 is the norm now, you have to either have a parent who no longer wants their children for them to be with one parent and "playdates" with the other parent, in which case you can argue you need to keep the house.

Then there are things like Mesher orders.

Do you know you exact credit rating?

user1463172942 Fri 17-Jun-16 16:59:43

Credit rating v poor. Can't remember the actual number but in the lowest section on noddle, credit expert etc. On a debt management plan with step change. Other assets worth v little, cheap furniture, cars already in separate names etc.

I don't think dh would want 50/50... It would cramp his style! angry] although you never know ...

eyebrowsonfleek Fri 17-Jun-16 17:30:21

Can he afford to have his share once the youngest is 18? His percentage will be worth more then.

I'd say your problem is convincing the mortgage company to you being responsible for the mortgage since your credit rating is poor.

user1463172942 Fri 17-Jun-16 17:42:38

The mortgage and deeds are already in my sole name so that wouldn't need to change with the mortgage company?

user1463172942 Fri 17-Jun-16 17:43:32

I think he would want his share now so he could set himself up in a new house.

user1463172942 Fri 17-Jun-16 17:51:37

I was thinking of offering to pay it monthly, over say 5 yrs, with a proper agreement with a solicitor. Has anyone ever heard of this?

millymollymoomoo Fri 17-Jun-16 19:11:00

Are you able to afford the mortgage in order to keep the house?

What other assets are there and are you both working etc, what are relative incomes? Tbh I think it unlikely you'd have to sell in order to release that equity as there would be selling costs associated to. The main issue is can you afford to stay in the house?

lifeisunjust Fri 17-Jun-16 19:13:19

After getting some legal advice, mediation might work as a mediator is there to find a solution for all and has probably seen so many different solutions.

noisytoys Fri 17-Jun-16 19:17:05

Does he have a higher paying job with a pension and you a lower earner with fewer employment prospects? I kept 100% of the house equity (about £30k on a £125k at the time flat) in return for no other assets or stake in his pension.

user1463172942 Fri 17-Jun-16 20:07:23

I have a higher paying job but only started paying into my pension 2 yrs ago. I could afford to keep the house he couldn't.

The sale costs worry me too. By the time we'd paid estate agents and solicitors we'd probably have £15k left to share out.

user1463172942 Fri 17-Jun-16 20:11:22

My income is about £20k, his is about £9k. House is worth about£135k mortgage is £110k.

lifeisunjust Fri 17-Jun-16 20:39:44

So your total assets are 25k? No real pension, life insurance, savings?
Then you could offer 40% perhaps, ie 10k? Don't give up hope of raising 10k from several personal loans, cash advances on credit cards, increase in mortgage. That's only half your yearly income.

I had to raise 2 times my years income and was given 6 weeks to raise it. I did it by getting 5 different loans/credit card cash advances, as the timescale was too tight to get a mortgage offer to re-mortgage. I had no credit rating at all in the months prior, my husband kindly wrote to my credit card providers I assume pretending to be me and cancelled them all and not one of them would provide me with a replacement credit card, it was heart breaking, I had to wait 6 months before my credit rating improved to get replacement cards and then got the cash advances and loans.

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