Do we need a separation agreement if we agree on selling?

[TealDucky]

Hi, I'm new here, 2 weeks ago my husband said he wants to separate. We haven't been happy for a while so it probably is for the best. We are in agreement about selling the house and using the money to pay off a loan for roof repairs then split the equity. I am fortunate in that I can move into a flat my parents own with our DS who is 6. My question is, do we need a separation agreement? It seems like a lot of money if we already agree on our next steps...also if anyone has any support for how to tell our DS that we have to sell the house, that would be great. Thank you

You don't need to spend a lot of money if you both agree. But you do need to get a financial order because if you dont then you will have future risk that he can claim assets. There's plenty of examples of this just look at Legal Queen or some of the threads on here

Yes, I would (did).

If it's amicable which it sounds like it is, you could draft up your own. List all the bits like salaries, pensions, debts, assets over 1k (i.e. car) and expected equity in house once loans are paid off. Agree what the split is (i.e. 50/50) and then present to a solicitor. You will need a separate one each but one would take the lead. they can draft this and advise if fair and if that is likely to pass the order.

Thank you for the reply.
It is as amicable as it can be but I'm not sure court would see it as equal. He has debts that he says he will pay using his share of the equoty but will a solicitor say they are joint? Equally I had to tale out the roof loan in my name but I see it as a joint debt. Finally what about pension? He doesn't have anything in place and I have a teaching pension. He wants to buy a campervan and live in that so will not have any overnight responsibility for our child....its not as clear as I hoped

I did all the negotiating with ex husband filled out the D81 form myself and just asked a solicitor to do the final consent form (cost about £500)
you can put on there why certain debts might be being accepted by one party even if they are a joint debt - eg we had an IVF loan in my name that I agreed to continue to pay off - he had an amount on my credit card (I had to take one out to pay some debt he had off) and he took that one. No pension sharing even though mine worth x10 his. I stated on the the D81 form as ex had no intention of overnight care it would be me supporting children as young adults etc so no pension sharing. Courts were fine with it

You don’t need a separation agreement.
but you do need a pension valuation at the very least and independent legal advice each so that a court is satisfied you both understand the terms of your agreement

it seems one sided in your favour currently. That might be fair but might not as we haven’t all the facts

what was the debt he had for ?

I should add, I will be the main care giver for our boy. I don't really.know how he racked up so much debt, hes just had with money

Your pension should still be valued as added to the pot. If it’s not the agreement is more likely to be challenged. And being main carer doesn’t mean necessarily you’d get higher share of assets

ultimately if you can demonstrate full and transparent financial declaration, independent legal advice, and agree between you it’s likely to go through,if that’s not in place it’s more likely to be questioned.

re his debt was it spent on house/living expenses ? In which case it’s marital or was it for his own ‘stuff’. That’s the key question

Sole debt can be counted if it was for the house rather than say beer and hobbies. You will need to add your pension in too.

So basically you take the equity, take off any debts that could be considered joint (ie roof loan) and the starting point is 50/50. Pension would influence that too - he would be entitled to an amount. Seems very one sided and doubt a solicitor would allow that to go through.

Would a court see living in a camper van to be fair? It may be ok now but its not an asset like a house, and could mess things up in future, also not fair on kids not to have time with dad overnight.

Your pension will need to be included in this. Is the debt in joint names? If so i’d imagine the roof, and debts should be discounted before sharing equity.

Given your update id do it formally so he can’t come after more money when he’s spent it all.
I have actually been separated for years and we haven’t bothered getting divorced or doing anything financially formal. We just agreed ourselves on what to do because we have adults who still need accommodating and that is down to me so he was happy for me to take more equity. We’re still amicable and we had enough for two houses. Your husband’s plans on living in a van and paying off his debts don’t sound very sustainable.