I am about to start divorce proceedings with my ex, and have been trying to work out the house thing. we have no savings, only the house and children to sort out.
What did you do with your house when you divorced? As far as I can see, I have two options -
- Stay in the house - husband has to pay half of mortgage until children are a set age (they are currently 6 and 5), then I have to give him back equity when that point arrives.
or 2) sell the house - be forced to move to a smaller house in the next village, but be independent financially
The advantage of staying put is that it keeps us close to both my childrens friends and their school (which I do not want to take them away from, as it is one solid thing in their lives) and my friends, however, I am concerned at my unreliable husband not making his half of the mortgage payments. Also I would have to pay him back in years to come, but equally, I would feel isolated moving to the next village from me!
Finances wise - if I stay put, he has to pay towards the mortgage, which in the short term is better for me, but long term, he would get more equity (50/50), as at the moment, he is happy with a 70/30 split.
If I move to the next door village, my mortgage would be still about £1000 pcm, which is half of my salary.
What did you do and any suggestions/ things to do or not do?