Preparing for divorce

[OneNewOchreTurtle]

I am considering divorce as I feel disconnected with my husband. He works away a lot and I want a partner who is present. There is no domestic violence, cheating etc. I am not in a rush and want to get things in a place where I would be able to cope on my own financially.

I was a SAHM for a few years and have been self-employed for two years. I have been earning a low salary for these two years but my earnings are set to double and potentially even triple for the next tax year. I work from the house so it is essential for my business therefore I really want to keep the house should we divorce. I am worried since my earnings haven’t been high for long that I wouldn’t be able to have the mortgage in my name.

Husband is a very high earner and the mortgage is in his name. He has also been saving for his pension for nearly 20years. I started saving for a pension only last year. We have two children, I have been the one to raise these children.

What would divorce look like in our situation and what can I do to get myself in a better position? I know I need to bring my credit score up.

Impossible to say as we don’t know what assets values are

Our house is valued at 500k, we have a mortgage for 320k and have paid about 170k on the mortgage.

Can you afford the house on your own? If not, how can you keep it?

If you wouldn’t get a mortgage from the bank on your current home then keeping it is a non starter.
Splitting all assets 50/50 is the starting point and your ex is not unreasonable to want 50% of the current equity so he can buy another property (if that’s what he wants) or remortgage so he can give you 50% of the current equity.

Find out how much income you’d need to get a mortgage for the house you’d want. If your double or triple salary is enough then you’d have to wait until then.