To need advice about this please

[Raiderofthebiscuittin]

Totally clueless on this and would appreciate advice please. If me and my OH split and sell our home on which we still have a large mortgage, do we then split between us the whole amount the house is sold for? Or is it less whatever is left on the mortgage? Struggling to think straight but need to “get my ducks in a row” as the saying goes.
I earn too little to ever have a hope of buying by myself again (even renting the prices are crazy) shared ownership seems my most viable option. Have two young children and no idea how I’m going to support us.

Are you married?

Is the house in both your names?

Not married, house in both our names and we put down equal deposit.

Then you need to go through finances and agree what is fair. That might not be a 50/50 split of assets, depending on who will be housing the DC.

What you split from the proceeds of house sale is the equity. That’s the money left over when you sell the house and repay mortgage.

If house is worth £500k and mortgage is £300k that’s £200k equity to divide between you.

Does that help?

Thanks for your reply. The kids would be staying with me. Would that affect the way the equity is divided? He might argue that he paid the mortgage etc for the years I was a SAHM?

Well no, not legally as you aren’t married.

I meant he might agree you need more of the equity to adequately house your/his children. If he’s unlikely to give a fuck, you will get half the equity plus approximately 20% of his net pay as child maintenance.

I hate to say it, but if you had been married, you would be in a much better position financially.

I really don't think it's something we can answer here. Are you joint owners or tenants in common? I'd TIC then it would be relatively simple as the split is already defined. If you plan to sell up (that looks most likely) it would be usual to pay off the mortgage and split anything left over.
The 20% maintenance sounds pretty average. I've know some couples forego separate maintenance if the ex spouse continues to pay the mortgage till the youngest is out of fulltime education then split later. When that happens they sell up and split. Sadly those with relatively new mortgages are unlikely to be a financial situation to do this.
You're wise to be planning things. Gather as much info as you can, so car registration, NI etc, tax records if you have access.im guessing you've reached the end of the line here with your relationship and are being very brave.

Pretty sure the reason he never married me in 15 years is to save paying me a penny more than he has to.
Ive got a very low paid part time job, obviously if/when we sell I will have savings over a certain amount until I use them as a deposit on a shared ownership home if I can find one. I just don’t know how I’m going to manage to support us. One child in primary and one in nursery only eligible for 15 hours a week funding. Zero family support.

You should get half of what the house sells for, minus mortgage repayment, solicitor’s & estate agents fees. Should. Don’t sign anything until you see a solicitor of your own. When the house is sold ensure the solicitor doing the conveyancing splits the money & gives you half, don’t trust your partner to forward on your share.