Budgeting to make it work

[TriedALotofNames]

Hello

Divorce seems more and more likely way to go. To split and move out is my preference, but funds might make it not work.

Me - Husband, Higher salary but not stratospheric. I would like a 3 bed rental at a cost of 1200-1700 pcm.

Wife - Full time, earns enough to support herself and kids. No doubt luxuries would be rarer for both of us.

Kids - 17&15. GCSE's and A levels going on.

House - Big chunk of equity. Mortgage in the 800-900 region.

If I go to a rental do I pay half the mortgage as well? For how long? That makes budget on my side tight to point of might need smaller rental.

My expectation is kids would be 50:50 between homes. If I have the smaller home though, say 2 bed, how is that sustainable.

Why are you thinking of renting?
what sort of equity would there be if you sold the marital home?
Would it be possible for you both to buy smaller 3 bed houses rather than trying to rent and pay a mortgage of that size? Depends where you are in the country of course

If you are planning 50:50 custody then ideally the kids will need their own rooms at both homes

I expect op is thinking of renting for a few years while the kids complete GCSEs and levels

There’s no right and wrong - depends on finances really. You should be trying to agree that you rent and pay for that and ex pays mortgage and bills on the house if you go this route - and agree the period - then cms as applicable- do the kids really want 50:50 at their ages ? Mine didn’t

often people simply don’t have the funds to do that hence why they remained in the same house while separating

This is the interim solution I suppose. Until the house gets sold and all finalised.
Equity would be 500K - Hence being concerned that the mortgage is kept up with and bank does not claim the house.

Do not leave that house until it is sold! I have fallen into that trap....4 years down the line and I'm still renting a 1 bedroom flat with no end in sight.

The risk of moving out also means less desire and impetus for person staying to drive divorce and settlement especially if you’re still paying the mortgage and bills.

At 17 and 15, I'd wait until 15 y/o is 18 until you sell the house.

Separate bedrooms, or you stay somewhere else a couple of nights mid week.
My parents divorced when I was 18.