Separation finances - where to start?

[Missmarplesmittens]

Trying to work out what I need to do - and when. We're in a pretty fortunate situation - decent amount of equity on the house plus investments (inheritence on his side 5ys ago but in both our names and only been used for home improvements/holidays so I was advised it counts as a marital asset) both have pensions, both work FT.

He's currently staying with a friend. I'm in the family home with teen DSs - 15 +18. Both still paying mortgage/bills.

I had a one-off session with a solicitor a few months ago, when I was starting to get ducks in a row. But do I need financial advice now - and do I start with our financial advisor? (I know that's a lucky position to be in). Do I need to see a solicitor again now - even if we're not moving to divorce for a while?

I'm sure we'll sell the house in a few years, but would ideally like to get younger DC through A levels first. I could afford it on my own with an interest only mortgage - but does that make sense?

You need to see a mortgage broker to see how much you can borrow - you can't really move forward until you know this. Then you can make him an offer.

Can I go to the one linked to our financial advisor? Or is it like solicitors where they can’t advise both sides?

Yes you can use any mortgage broker.

Start with a 50/50 split on all assets (cars, savings, house) and all debts (mortgage etc).

See what that looks like - i.e. 200k each. With salaries is that enough to move forward and both get a similar house? Then go to a solicitor with that and they will guide.

You need to agree more immediate issues. He isn’t going to stay with a friend for long and certainly not 3 + years.

when he moves he will be paying rent or pushing for a house sale. If you are lucky he will rent for a while. But that means you will need to pay for the cost of the family home from your own income plus child support for the one dependent.

if the family home is large it is unlikely you will get a mesher order for you and one child. You might want to plan around a sale and move when the youngest finishes their GCSEs.