Hi all,
I'm looking for a bit of advice regarding mesher orders.
Me and my wife are currently going through a divorce. So far things are amicable and we both want to do what is right for the children. We would both like the children to stay in their current home.
Our 2 children are 5 and 8. We have around £200k in equity in the house and owe around £190k on the mortgage.
The challenge is that up until now, I provide everything financially for my wife (she doesn't work). Even if she were to work, she wouldn't earn enough to take on the mortgage in her sole name.
So, this raises a few questions:
I could pay 50% of the mortgage and keep the mortgage in my name. However, this would make it very difficult to get a second mortgage and would tie me to the current mortgage for the next 13 years. This seems a little unfair considering the amount of equity in the house.
The second option is to pay 50% of the mortgage as spousal maintenance and then agree to transfer the mortgage to her name. If at that time, she is unable to take on the mortgage in her sole name, we would have to sell the property instead.
Paying 50% of the mortgage and child maintenance costs would be around £1000 per month.
Is it fair to push for a greater equity share if I'm paying into the mortgage for the next 13 years?
Are the courts likely to have an expectation that I keep the mortgage in my name and continue to pay half of it (this is the only way we can support the mortgage)? Or am I being taken for a ride?
Any thoughts welcome!