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Divorce and Money, equity, CSA etc?

(2 Posts)
Iwanttobreakfree Thu 24-Jul-08 18:18:24

Hi,

We are still at the "trial separation" stage but thinking ahead...

A friend today said she would expect my husband to have to support me and my 2 kids in our current house.

I am dubious.

Mortgage is £1300 per month at present rate.

We only just get by as it is with me contributing some to the mortgage through my childminding work. So quite how he would do that and pay for his own lodgings I don't know.

I envisaged us having to sell the house and split the equity (if any in current climate)

Does he have to pay us more that the going rate advised by CSA? or is that down to amicable agreement?

If I move out I obviously lose my childminding business. Need to pay my debts each month...£400 eek. So I presume I would just have to contact creditors and say I can't pay until equity comes through and then accept having a bad credit rating?

What are my chances with the split of equity?

If we move out I would have no job to be able to rent a property. Parents would put us up, but then I am worried my bad credit from not being able to pay debts will then stop me from being able to rent at all.

Aaaargh v stressed. I don;t expect much, all I need is a little place for me and kids to be happy. Really hoping there is still some equity on house cos starting from scratch with very little money but at least no debts sounds so enticing.

Thanks,
E

MrsParker Thu 24-Jul-08 22:17:04

Hi.I don't think the CSA take in to consideration your outgoings when making there calculations.
You could stay in the house and seek assistance with the mortgage interest payments from social, but you'd still need to find the money to pay your credit. Coz if you don't, the creditors could seek to declare you bankrupt and force the sale of the house.
Me & my dp nearly split recently and i was torturing myself trying to figure out what would happen with the house etc. very stressful i know. Think selling the house, and releasing equity would at least clear your debts. But your credit rating would probably suffer because of the delay in their payments. Don't think there's much that you can do to control it.
I think you may as well stay put until house is sold, then use the equity to pay off some debts.
Staying with your parents sounds ok, until you can sort out what your going to do for income or look into a benefits claim.

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