Financial order,for house,advice?

[Applesandpears1806]

Me and DH have separated amicably, mostly due to his 'emotional affair'(positive it was more)and are currently living together for the next 12-18 months until he can afford to move out.
I'm working PT while studying and then will be able to take over the mortgage in around 18 months.
I've been advised to consider a financial order, has anyone done this?I have a 7 year old DS and am worried financially.
Thanks in advance!

You need to think about what will happen to the house. Will you buy him out? Can you get a mortgage? Can you afford mortgage and bills? Do you expect him to defer his share? If so until when?

duvirce is two parts. The dissolution of the marriage and the separation of finances. A divorce in itself dies not sever financial ties hence why people are always recommended to get a clean break order which courts prefer

you say you can tshe over the mortgage in 18 months- has a lender agreed? Dies that also mean buying out his share and removing him
from The mortgage ?

what’s going to happen with your child? Will he share 50:60 or some other arrangement?

Once I've finished studying and am earning more I'll be able to cover the mortgage by myself,DH has agreed to walk away with a low amount(added onto M)so I can still afford the mortgage. He's being reasonable right now,but I'm worried, as he can take another 25k if he wants out of the house as equity. I don't begrudge it,but I can't afford to give him it. What if he meets someone else and wants to buy somewhere with her then suddenly says he wants more.
DS will stay with me in the house,so as not to uproot him,and DH will see him on weekends.

That’s why you need a consent order. Until that is completed anything can change re finances.

it’s also possible that if an order is heavily weighted towards one party it won’t get approved. What % is he agreeing to and what’s the £ involved? Are there pensions to consider ?

There aren't any pensions involved. The house is worth around 150-165k with a 75k mortgage left on it. Once qualified for the role I want, I'll be on around 21k so can manage the mortgage and take out 10k for him. We don't want to sell and disrupt our son.
I've not been difficult about it with him,I don't know what else to do as I take take anymore out I don't think,as I won't be able to make the payments. I may also be due an inheritance in the next few years of 25-50k and would like to make sure he has no claim over it in the future.

This may sound quite harsh but in reality I'm so sad an 18 year relationship has ended,but I have no trust in him anymore,he has hurt me so deeply. I'm just scared now about how to provide for my son.

*can't

Getting a FO is vital otherwise he won't have to provide financially.

I doubt very much you'll be able to live together separately for that long. It's not sustainable.

At £21k with a child you may find that you can get a £85k mortgage (amount and £10k to buy him out)

10k is very low share to him

but you might get away with it if he agrees.

are you starting divorce proceedings ?

No rush to divorce. He very much seems like he just wants his name off the mortgage( wouldn't be surprised if he moves in with OW once he's moved out tbh. I don't doubt he will make sure our son is provided for. I'll speak to a solicitor regarding a FO,thank you!

To get a financial consent order you need to divorce as far as I’m aware

you may be able to draw up some sort of separation agreement which lays out child arrangements and monies but not sure if legally binding in the same way.

ask Your solicitor

I forgot to mention,I got some inheritance when my dad sadly passed away 2 years ago. At that point I was luckily able to clear both our individual and joint debts. So he'll be able to have a clean break in that sense.

No divorce proceedings yet.

As long as he remains in the house contributing to the mortgage he is building his value of equity he can claim from the house, if it's valued at the top end of the range you quote he'll be entitled to approx 40k .
Your previous inheritance won't be considered as it was a marital asset used to clear marital debts and the only way to protect your future inheritance is to get the divorce and financial order signed off in court before it comes to you.