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divorce and finances

(8 Posts)
Confusedmummy2017 Tue 25-Apr-17 17:19:54

Just had a free 30 minute solicitor appointment and just wondering what advice you can offer regarding finances and what seems fair.
I am going to discuss with my soon to be ex husband and just want a starting point to see if we can agree out of court.
Can you tell me what would be a fair and reasonable split
house has approx 100,000 equity. I cannot afford to take on another mortgage due to house prices rising but could take over the remaining mortgage on our house.
He earns 55,000 I earn 20,000 from work. I have debts of around 11,000 plus my student loan, he has no debts. I can't increase my working hours to earn more due to looking after the children. He doesn't tell me about savings but I know he has some, I don't have any savings.
What would you people who have been through this see as a fair way forward? I would like to keep the family home.
Also if we came to agreements out of court can we get it drawn up into a legal document?

Thank you

user1493298243 Thu 27-Apr-17 15:00:02

Hi. I am goin through a very similar thing. I'd like to keep the family home but can't buy my ex out. So if u don't mind I'd like to follow this and if I have any advice I can pass it on.

My ex owns his own cottage as well as the family home and there seems rob similar equity in each roughly around 100k each. But he had the cottage when we met and we never lived in it together as it's just a 1 bed. So not sure if I can claim on that or he keeps the cottage and I keep the family home as I have our 2 children.

I earn roughly the same as u and cannot afford to buy anywhere else myself.

thepennyshop Thu 27-Apr-17 16:50:02

Hi all, I'm following too as I'd like to keep the family home too.

My worry is that I could make ends meet to pay the mortgage using my benefits, my low salary and maintenance from him. But if I had to remove his name from the mortgage, so the house is solely mine, the bank may look at my salary and say I am no longer allowed to keep the mortgage on.

Hmm hoping someone has some advice for us all, as it sounds a common problem

thepennyshop Thu 27-Apr-17 16:51:07

Yes you can certainly get an agreement drawn up out of court turned into a court order. I think that's what happens at mediation

Bridie1969 Fri 28-Apr-17 10:58:05

Following if that's ok.

JanetBrown2015 Sat 29-Apr-17 08:53:40

If you are in England then it sounds like the house is not too big for you and the children and you could afford to take over the mortgage so it is likely you will keep the house and children. Will the lender allow your income alone to support the mortgage? If not you will need to agree with your husband he stays on the mortgage which of course puts his whole life on hold and means he can't buy anywhere else even if he wants to remarry and have more children so it may not be a very popular suggestion with him.

PurpleWithRed Sat 29-Apr-17 09:08:17

Remember the bit in your marriage vows that said 'all that I have I share with you'? As you are married with children the startpoint is 50:50 split of equity + child maintenance as per CSA. All the equity in the marriage is jointly owned. That means the house equity, "his" savings, "your" debts, pension pots and anything else of value are all owned 50:50 each (I'm not sure how student loans are factored into this). Assuming his take home pay is about £3k per month and you have two children and he has them 1-2 nights a week then you'll get about £550 maintenance for them per month.

So if you do the very rough sums, can you afford to keep the family home?

user1493298243 Sat 29-Apr-17 10:38:24

Thanks. I'm gonna try my best to try to keep
The family home.

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