Splitting Up

[mumschoc]

Me and my husband have decided to split.He hasn't moved out yet and says he would like me and the kids to stay in our home if possible,but says he would have nothing,so we would have to sell.If we sell after the mortgage and all other debts are paid off,we would only be left with about 10k each and no home.I only work part time now since having kids and my monthly pay would cover the mortgage if on my own,but I would be left with nothing to live on/pay bills etc.I have never had to claim anything as I have always worked and wouldn't know where to start,but i'm terrified of losing my home and having no where to live.Can anyone help?

[Xenia]

As he earns more and the children need to be housed it is unlikely he would get an order to sell the house and more likely go stay until the youngest is 18 or until you co habit or remarry and only then is the house sold and proceeds split. So you would probably get to stay in the house and he pays some maintenance for you plus some for the children.

It would do no harm for you to look at upping your hours too to get a bit more income coming in unless that would mean tax credits would be reduced. An additional income source might be taking in a lodger and sharing a room with children if that helps keep the roof over your head. He would also have to pay a set % of his income towards the children too.

See a solicitor ideally though.

[Collaborate]

£10k each doesn't sound enough equity to justify doing away with the family home, or even preserving a deferred interest in it for him. Can you get him released from the mortgage though?

[mumschoc]

I have asked him to sign the house over to me,but he says he will have nothing.I'm going to speak to someone at work about a extra shift,but wouldn't be able to do a lot more as child care would be a problem,especially in school hols(my husband works nights).I'm going to a legal advice center today,hopefully they will be able to ease my worries.

[happyAvocado]

IMHO a bit selfish to leave you and the kids without the home for him to have 10K in his pocket

he wil get that money back, but at a later time

I think you need to see a solicitor to talk it all through

soon kids will be older and you can starting to pay him back
however you mention you both hae debrs - how will you finance them without selling your house?

can you perhaps keep the house and rent 2 rooms to pay him & your debts ASAP

[happyAvocado]

*have debts

[Collaborate]

A court is unlikely to give him a preserved interest in an asset that only has £10k value. Stores up too many problems for the future.

[Xenia]

So a better result would be she gets 100% of the house now, she pays the mortgage which she can manage out of her earnings. As he will have left probably she would obtain extra tax credits too plus husband would be paying support for the children.

The other question then would be would be would she take the £10k share of his in return for a giving him a clean break - no maintenance for her just for the children or is that to good a deal for the husband going forwards.

[mumschoc]

It's only a 3 bedroom house,so renting a room is not really an option.We both have bank loans,which would be paid off if the house was sold,but then we would have no home.

[mumschoc]

Also we have never received and kind of child/working tax credits as my husbands earning didn't allow for them.So I have no idea what credits I would be allowed when on my own with kids.

[happyAvocado]

I think in the grander scheme of things renting is an option - would you rather lose home than rent a room?

[Xenia]

I think better to rent the room also go on a benefits website which will tell you if your part time earnings mean you would obtain tax credits. Then see if you could live on the tax credits and child maintenance. If not ask husband also for regular maintenance for the ex wife. Better to keep the home than lose it and move out and pay off debts.

[Collaborate]

Google "tax credit calculator" and fill in the form to see what tax credits you'd get.

[mumschoc]

Thanks for the tax credit calculator info,it's really helped.

[familysol]

You need to see a solicitor. They will be able to advise you as to your entitlements and also help with practical issues like tax credits, child maintenance, council tax discounts. Most solicitors offer free/low cost initial advice, we certainly do

Good luck