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Finances between initial separation and divorce

(5 Posts)
wolla1 Fri 05-May-17 12:34:59

Hi - my husband and I have recently separated and I've started thinking about finances and the future etc. I earn slightly more than him, am staying in our family home with our 2 children and paying the mortgage plus monthly payments on debts of £9.5k.

So I know we can't divorce until we've been separated for 2 years, and my worry is that in that time, I will have reduced the debts by over £5k, and paid a further £7.5k towards the mortgage. I will also have some savings in the bank as I save for Xmas/Holidays/Birthdays etc.

He, on the other hand has never saved a penny.

Will all this be taken into consideration when we divorce, or will my husband benefit from the reduced debts and increased equity in the house without having contributed for 2 years?

Any advice welcome

OP’s posts: |
Northumberlandlass Fri 05-May-17 12:39:18

You don't have to wait to get divorced to sort out financial side.
We separated, drew up separation agreement which detailed financial split & two years later got divorced.

It cost around £600 to have separation agreement drawn up by solicitor, but it was a good idea. Are you amicable?

wolla1 Fri 05-May-17 13:43:38

Thank you - that's really helpful. No, we're not very amicable at the moment - but it's all stemming from financial issues, so maybe if we got something in place we could move forward and life would be a bit less stressful.

OP’s posts: |
Northumberlandlass Fri 05-May-17 13:54:03

That's what we did. I was staying in the house (although buying him out) and we agreed everything (with a little 'discussion') - it also protected me from him claiming any of my future assets etc. All neat & tidy!

Hermonie2016 Fri 05-May-17 20:27:05

You could also divorce straight away citing unreasonable behaviour.
A separation could be over turned on divorce but unlikely if both parties have had their needs met.
Remember pension as well as you will accrue more over 2 years.
If you go for a divorce straight away you can draw a line under finances rather than wait for 2 years.

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