Please or to access all these features

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Separated and now not sure how to manage this financial situation?

58 replies

BRre · 03/11/2024 18:12

Me and DP separated last year. A good summary of why would be that he was an absolute workaholic. Since we separated he has actually spent more time with DS 7 than when we were together.

Ds is in his second year at a private school that he absolutely loves. It really works for me too as the days are 8-5 and then can stay an extra hour if needed. We’ve been really happy with the school and the arrangement has always been since we separated that we pay 50% fees each and then ex pays me 850 a month which is what he would pay if I went to cms. We are generally amicable so I don’t feel the need to go to cms and hes also paid for clothes etc and bedding if I’ve asked, for instance.

so basically things have been ok. However since the introduction of vat I feel so stressed. I know it’s a small percentage in the grand scheme of things and that I’m only paying half the fees anyway but I keep thinking that this is essentially going to use every penny of my savings until he finishes school (I’ve got around 156k left for my half of the remaining 10 year).

Now I am single and can’t imagine I will ever meet anyone else, all is ok while I’m working but you start thinking of all the worst case scenarios don’t you? I am so stressed. I’ve been honest with ex but he’s basically said he can’t and won’t pay more as he’s already paying half and then 850 to me a month and he has to be honest and fair to me that if I can’t do my share as we always agreed then ds will simply have to leave.

i don’t know what to do. I don’t know if it’s better to take him out now while he’s still young, so he can make new friends asap? Would I be making a huge mistake? My family think ex would stump up the last couple of years if down the line I literally couldn’t pay but obviously I don’t want to bank on that and the stress will never disappear. That said, if I was being positive about things I guess I could say all will be well and I’m just being too cautious? Ex thinks I am thinking negatively and there’s no reason to think we can’t manage this as planned.

I don’t know what to do and feel like it’s all on me to decide. It’s been so unsettling separating so I don’t know if that is affecting my view.

OP posts:
BRre · 03/11/2024 18:24

Fees are 26k a year including vat but obviously will go up

OP posts:
edwinbear · 03/11/2024 18:24

I understand OP, mine are also at PS and the VAT is a big worry. It’s the constant stress of possible ill health and redundancy hanging over you. You have two natural break points, heading into Y7 and then into Y12. I’d aim to get to Y7 first and see how things are first. Is there any chance of an academic/sport/art/drama/music scholarship for Y7? They maybe only 10-15% but would offset the VAT.

BRre · 03/11/2024 18:23

Relaxedandchilled · 03/11/2024 18:22

So you habe 4350 a month coming in after child maintenance and only a 500 mortgage and yoh don’t want to pay 50 percent of the school fees? So how much of the 3850 a month you habe to play with do you need to spend on the fees?

@Relaxedandchilled nothing at the moment as I take it from savings. I’m just saying now I am on my own the whole thing makes me feel really daunted as circumstances can always change can’t they

OP posts:
Relaxedandchilled · 03/11/2024 18:22

BRre · 03/11/2024 18:19

@Futurethinking2026 im not likely to earn more than 3.5k after tax realistically. I do have a low mortgage (500) but obviously when you’re on your own it makes things feel much bigger

So you habe 4350 a month coming in after child maintenance and only a 500 mortgage and yoh don’t want to pay 50 percent of the school fees? So how much of the 3850 a month you habe to play with do you need to spend on the fees?

BRre · 03/11/2024 18:20

@edwinbear i think I can keep the money for him and even if I had to go part time or take a pay cut we could get by. It just feels different when doing it alone. I don’t know why, just more risky I suppose

OP posts:
BRre · 03/11/2024 18:19

@Futurethinking2026 im not likely to earn more than 3.5k after tax realistically. I do have a low mortgage (500) but obviously when you’re on your own it makes things feel much bigger

OP posts:
edwinbear · 03/11/2024 18:18

I think if you have the funds in the bank now I’d leave him there. If he has to move to state for A-levels because you get through it quicker than expected, that wouldn’t be a disaster. It’s a natural point to move and lots do. Can you definitely get him through GCSE’s? If so, I’d reassess for 6th form.

Futurethinking2026 · 03/11/2024 18:16

Can you get some sort of insurance, either specifically for school fees (I don’t know if that’s a thing) or if not some income protection?
With regards to savings, I guess that was a choice you made when you enrolled him in private school.
Any chance of promotion, salary increases in the next few years?