House - Can I Buy Husband out

[tyson2007]

Hi,
After much heartbreak I have decided to separate from my husband. I am trying to get my head around what the future can look like with finances etc...
I am in my early 40s with 2 children (8 & 13) and we are very lucky that our house is paid off. So my question is could I release money from the house maybe by re-mortgaging and essentially buy him out? Am assuming it could be a 50/50 split.....
Thanks

It will depend on your income and if you can raise a mortgage for the agreed amount.

It won't necessarily be a 50/50 split. I got a 70/30 split when I divorced. You do need to get legal advice.

It will depend on many factors.

He might want to buy it. In which case it gets sold.

It might not be a 50/50 split. You might need to pay more than you thought and couldn't afford it. You need to factor in savings and pensions etc.

Depends if you can access a mortgage on just your wages considering you have two dependents which reduce your mortgage allowance (cant think of the word).

@youhavenoidea123 Thank you, yes I will seek advice, I just need to get the ball rolling, this is all very new. My head is spinning from overthinking lol!
I am self employed and work full time and have a fairly decent income coming in but it would be very tight.
I just wondered when you release money from a house that's paid off if it still counts as 're-mortgaging' or if there was other options available with banks.

Speak to one of the fee free all-market mortgage brokers, someone like Cameron & Co or London & Country. They should be able to tell you whether they think they can find you something and how much. (Message me if you want the name of the very efficient person I use.)

Then speak to a lawyer. One option might be to have more equity, less on-going child maintenance, so you save money buy paying less mortgage.

@Needmoresleep thank you that's great, I will do that :-)

It would be a remortgage, I’m not aware of any other options that lenders would offer. You’ll need to get a least 3 valuations and agree the value of your home with your husband. It’s essential to seek legal advice re. the split of equity. It is based on income and the split of the childcare, eg. if you will be the primary carer, you’re likely to be entitled to a larger share, but possibly not if you earn a lot more. If you have pensions, and want to share these, you’ll need a pension sharing report, which will recommend a fair split. Obviously other properties/assets will also be considered. It can be a minefield and although expensive, a visit to a solicitor really is the first step to ensure you get it right. Good luck x

tiu can’t take more equity in exchange for less child maintenance- at least he’d be advised to NEVER accept that.

the reason being even if it’s written into a consent order after 12 months you could go to cms and they have jurisdiction not the family court - and his assessment will purely be based on nights and income

you could remortgage to buy him out but depends on all the factors as above

I don’t understand. I helped a friend going through a divorce last year. All sorts of stuff were on the table. Share of his business, property, child maintenance until 18 or 21 (end of full time education), car, pensions.

She wanted as clean a break as possible She was concerned about his reliability, as he was prone to a level of financial coercion. She also did not want to harm his ability to earn. In their case he kept the business, she got the family home and a rental property, and child maintenance ended at 18. Her parents were both terminally ill. He did not make a claim on her inheritance.

His mistress, who was the cause of the problems, dumped him as soon as the divorce came through.