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Separation finances advice(6 Posts)
Agreed to separate with my stbxh this week after 7 years. 2 DC's 4&6. Problem is trying to agree money. I earn 3x his salary and so he's agreed to move out and rent a flat so I can stay in the house. However in doing so can now not afford to give me anything other than £240 a month towards our childcare bill which is £1200. And nothing towards the mortgage which is even more than that!! To be fair to him rental prices are high here.
I can just about scrape through but concerned that I will be paying mortgage while property increases in value but when we come to sell he could effectively benefit 50/50 or more in his favour on the equity.
I can't afford to buy him out so feel stuck.
See a solicitor, I don't know how broken your relationship is but if he financially can't afford more than what you've both agreed then what more can he do? A house share? In that case he may not be able to have the kids stay at his, if you earn 3x more could you not move out and rent while he pays mortgage? Just until house is sold.
Do either of you actually need to move out the house or could you cohabit until house is sold?
Separation is so awful but I'd strongly advise you to see a solicitor first so you can legally know where you stand financially. If the shoe was on the other foot and you've sent less what would you do?
Well I can't see how he can pay you any more? Looks like you'd have to all stay put and get the house on the market now?
You need to see a solicitor to get a financial order sorted if you don't want to divorce straight away. he will be under no obligation to pay the mortgage if he moves out. All he is required to pay you is child maintenance for your DC. use the online calculator to find out how much he owes you (this will depend on how often he intends to have the dc) so you will need to sort child access out pretty quick.
Have you looked into remortgaging? I am in a fixed term lock in period but the lender has still agreed to extend the term which will reduce monthly payments, and to advance me a further sum towards buying out my XH.
My X is being an awkward sod, yours has at least moved out.
Best not to do anything without seeing a solicitor and getting a financial order as pp said.
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