likely split-up from dh, where does that leave me financially?

[ratbunny]

so many questions I'm afraid!

thanks to mnetters advice, I am looking into where I stand instead of burying my head in the sand.

so:
we have a mortgage on a house (runs out in october)
ds is 1 yr old - I am the main carer
I work 2 days a week (term time only)
dh works full time

when dh moves out, what can I expect him to contribute? half / entire mortgage? AND maintenance or instead of?
and should I apply for tax credits even if the sepration isnt permanent?
our house is on the market anyway (we were going to move) so I guess the split would be 50/50. I wouldnt be able to buy on my own, so any equity will affect my tax credits won't it?

any advice please?

see a solicitor ASAP

you should certainly be housed and if he is used to paying the mortgage then he should continue to do so

I wouldn't envisage a 50/50 split .. I would expect the main caregiver to get more

Ratbunny, there's no way there should be an equal split. Depending on your dh's earnings and the amount of equity in the house, it's more likely to be along the lines of 75% to 90% of the equity to you as you have a reduced mortgage capacity and you have to rehouse your child.

You should apply for tax credits as soon as your dh moves out. He's liable to pay 15% of his net income by way of child maintenance and probably some interim spousal maintenance at least until the house is sold, and depending on how much capital you get from the house, you may well get spousal maintenance for a good few years until you can go back to work full time.

You can find a local family lawyer through www.resolution.org.uk

when dh moves out, what can I expect him to contribute? half / entire mortgage? AND maintenance or instead of?
He only has to give you 15% of his gross earnings minus his pension.

and should I apply for tax credits even if the sepration isnt permanent?

Yes as soon as you read this apply - or inform the Inland revenue of the change - otherwise you will lose out. Also take a look at entitled to.com as this will give you an idea of how much you could recieve.

our house is on the market anyway (we were going to move) so I guess the split would be 50/50. I wouldnt be able to buy on my own, so any equity will affect my tax credits won't it?

No no no - a split is what you and your ex decide, if you can't decide then it will be decided by a judge who may say a 70%-30% split is fair or a 75%-25% split is fair - the larger amount usually to the main child carer.

My brother is splitting with his wife at the mo and has been told the value of the house will be split 60% to her, 40% to him and he'll have to give her £500 a month for the two dd's (age 8 and 6) plus £500 maintenance for the ex wife. I'm a bit puzzled by this arrangement as they'll split custody of the girls 50/50 so not sure why ex wife gets this amount. would have thought if the custody is 50/50 then the money's 50/50. But i have no experience of this apart from hearing what my bro has agreedd to

My brother is splitting with his wife at the mo and has been told the value of the house will be split 60% to her, 40% to him and he'll have to give her £500 a month for the two dd's (age 8 and 6) plus £500 maintenance for the ex wife. I'm a bit puzzled by this arrangement as they'll split custody of the girls 50/50 so not sure why ex wife gets this amount. would have thought if the custody is 50/50 then the money's 50/50. But i have no experience of this apart from hearing what my bro has agreedd to

peasoup - maintenence and access to dc has no relation really on each other. Plus it maybe that the wife is getting spousal maintenence and it is not all child maintenance

Apparently they're agreeing £500 for the kids and £500 for his ex wife a month. Is the house split 60/40 more to do with the fact that he earns more than her?

the money u get frome the house may not affect tax credits- i was made redundant recently and they told me that hey didnt ned to know about any pay off under £30k.Anyway in the mean time apply for tax credits straight away you can tell them about a change as and when it happens

Ratbunny - firstly my sympathies. I separated from my husband 2 years ago and the house was sold. There was very little equity and I took 50% which was £18K although looking at some of the responses on this thread I think I had crap legal advice Anyway the tax credits people said that proceeds of a sale do not affect your payments - I was sweating over that when it came to doing my renewal last summer as they work on the previous year's income.