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Separation financial advice needed

3 replies

Cmc18 · 07/01/2022 22:07

My husband and I are separating but we only moved into our home, mortgaged, 5 months ago so there is very little equity in it.
Neither of us can afford to take on the house on our own, or afford to rent and continue paying for the house.
If he bought me out, the sum wouldn't be enough to set up again on my own on my salary. I cant afford to rent on my own on my salary either.
We have a daughter who we will split time with equally.
I feel stuck and don't know anyone else whose been in this situation... if we were renting I could get help as a parent, .. but having a mortgage means I have assets so can't get help.
I'd like to hear how others have navigated through similar... or any helpful suggestions.

OP posts:
Viviennemary · 07/01/2022 22:17

I think a lot of folk stay together at least temporarily in your situation. Or sell the house and both rent and claim benefits. Or taking a lodger might be a possibility. Is there no way you can work things out and not split up. It isn't a good move financially speaking.

unicornsarereal72 · 08/01/2022 08:34

Have you worked out what your entitlement to benefits would be?

I'm circumstances are different that I have a relative small mortgage. Due to my sons needs I get DLA and universal credits and child Benefit. So currently am financially ok. This changed once he is 16 though and is unlikely to get PIP.

Can you increase your income. Work more hours?

Have you gone through all your out going's. Cut back where you can. Do the sums work?

RoseMartha · 08/01/2022 09:04

I think the house will probably need to be sold. But before anything is decided you beed to seek legal advice.

Also check entitled to but fill it in as if you are already renting if that makes sense. When I was getting divorced I went through the forms as still living in the family home and renting. Gives you an idea if you will have any help.

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