Possible divorce finance headache

[Zaza6375]

Hi all I’m after sone financial advice in regard to POSs divorce.
All very very early days and all completely bloody overwhelming.
I have had a very brief initial chat with a solicitor.
They have told me that our house will have to be sold and the equity split 50/50. This will leave me enough to buy a very small house but one that’s not big enough to house my 3 kids.
I am self employed and work from home. I’m doing well but I will not be able to get a mortgage as I won’t have enough books to show as only started a year ago.
So...am I better off applying for a job and trying to get a mortgage that way? Keep working at home on my days off etc? Or justcreally get my business going and earning far more?
If I get a mortgage would I still get universal tax credits?
Also the solicitor said I could try going for a bigger percentage and not have spousal maintenance. Have you had spousal maintenance? How much is it and is it worth going for or the bigger equity percentage?
My children are 15,12 and 5 who is disabled.
Any advice greatly appreciated as always.

I don't think the sale of house and equity split 50/50 is correct of you are the children will be living with you and just seeing their dad at weekends.

What do you think the custody split will be ?

Spousal maintenance is hard to get these days.

Pensions? Savings? Earnings of both parties? Number of years married?

The person who should be telling you what the options are is your solicitor.

I’ve read your post from the summer.

If your solicitor said “the starting point is 50/50 then adjust according to needs and relative finances” then that is one thing.

If your solicitor said you have to sell up and split the equity 50/50, then get rid of that solicitor straight away. They’re useless.

Long marriage, 3 children, you’re earning less. AND you own multiple shops so there are other assets to offset the family home. Why would you not let him keep the business properties so you can take the family home?

We can’t tell you what spousal maintenance you would get. If any. That’s usually where you need temporary support before they can earn again, for example if they’ve been a SAHP. If I were his solicitor, I’d point out your business is doing well and say no, it’s not appropriate.

I personally believe a bird in the hand is worth two in the bush with divorce. I’d rather take a guaranteed higher % of house, than spousal maintenance that could be varied. Or just not paid - it’s not easy to get it if he just doesn’t pay, and you KNOW he’s abusive and controlling. I’d go for a big % and clean break.

You can have a bigger % of the house AND spousal maintenance you know.

What did your solicitor say about pensions, and the existing businesses?

Thanks @Ellisandra it was just a very brief introductory phone call. I was surprised when she said 50/50
He has a tiny pension. I would prefer to have a larger % than a spousal maintenance.

One of the shops we own is freehold that we don’t have a mortgage on..we have just received planning to convert it into a flat.
The other shop is rented so the income from that is purely the business.
@catontherun @NotSuchASmugMarriedNow1 26 years together 18 married, 3 daughters 15,12, 5 the youngest is registered disabled. There are no savings and there will be approx 700k to be divided if we go 50/50
Thanks for all your advice I appreciate it

I got divorced last year and we both filled in Financial Form E which listed all finances - pension, savings, debts etc

Then the negotiations started.

The courts prefer a clean break and no spousal maintenance.

My XH earns 3 times my wage but l was pleased with the outcome.