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Financial implication of separation(2 Posts)
Wondering if anyone can help with some information on separation. DH and I have been together 23 years and married 18 years. We have one 16 year old son. We have grown apart and I don't feel that I love him anymore and am ultimately considering separating, which he knows about but isn't happy with. The thing that is confusing me and making things less clear for me, is how I will cope financially as I believe he will try and make it very difficult for me, as he doesn't want the separation.
We own our house with no mortgage, I estimate the value of the house to be around 420k. I don't think he will want to move out and I don't earn enough to buy him out either. His pension would be quite sizeable and he can take this in around 8 years if wanted but I don't believe my pension will be worth a massive amount overall. I'm concerned about how I will survive financially if we separate and it's the thing that is holding me back in many ways. If i move out with son, we would need a 2 bedroom place which would be around £750 per month to rent, can you receive benefits to help with this payment? Alternatively if we split profits from the house, there would not be enough for me to purchase a house outright, would the benefits help in any way with that.
If i wanted to seek advice from anyone else where would I go, a solicitor or financial adviser? Very confused right now.
The starting point is 50/50 split of all assets including pensions following a long marriage. If you have made career sacrifices which have benefited the family you may be able to negotiate a greater % of the assets to compensate you for your lower earning potential. Sorry I don't know about benefits.
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