We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
what is the best way forward after split!
teacher2mum
Posts: 114 Forumite
Hi there wondered if any one can help me. I am married with 3 kids 7,5 and 3 and my hubby and I have decided to split. What is the best way forward with our properties and business.
I gave up full-time teaching to bring up my children but built up a successsful tutoring business from scratch. I converted out dining room into a tutoring space and people come to me for lessons so that I don't waste time travelling. The problem is my hubby and myself are having marital probs and I thought we could do this so the children wouldn't be disrupted too much. We bought our home in cheshire for 192,000 cash, Then 3 years ago we decided to release £100,000 equity so we could buy a little 2 nd home to rent out. It has taken up 3 years to renovate it in our spare time and now my sis rents it!! This is where it gets complicated. Last September I decided I wanted to get my office out of the home and I bought a shop with a flat above to turn into a learning centre and thought we'd rent the shop out. However the two are still waiting renovation as i have no funds to get anyone in and hubby too busy so it is costing me a arm and leg each month with mortgage and business rates etc. Now to get the shop Natwest said they had to do it as two separate loans and to move forward MY HUBBY WOULD HAVE TO AGREE TO put property number 2 just in my name and they used that property as a guarantee incase the business went belly up. so now we have the marital home in both our names with a 100,000 mortgage on it, property number 2 bought for cash but remortgaged to get 2 business loans which are also in my name. My husband has just announced that if i don't get an estate agent in soon then he will for our marital home then he can take his half. How would that work?? They'll only be about 100,000 excess..Will he then expect me to pay the mortgage on the other two properties?? Do I sell the other 3 properties? the house my sister rents was bought for £70,000 and we used the other 30,000 to do it up and to buy a car. the shop and flat have been stripped out and so down to bear shell with no bathroom or kitchen so i wouldn't even get the money back. Is their anyway I could sort all this out so i can keep the marital home?? Please help I don't want him to dictate what to do just cos he wants his money quickly. Thanks in advance!
I gave up full-time teaching to bring up my children but built up a successsful tutoring business from scratch. I converted out dining room into a tutoring space and people come to me for lessons so that I don't waste time travelling. The problem is my hubby and myself are having marital probs and I thought we could do this so the children wouldn't be disrupted too much. We bought our home in cheshire for 192,000 cash, Then 3 years ago we decided to release £100,000 equity so we could buy a little 2 nd home to rent out. It has taken up 3 years to renovate it in our spare time and now my sis rents it!! This is where it gets complicated. Last September I decided I wanted to get my office out of the home and I bought a shop with a flat above to turn into a learning centre and thought we'd rent the shop out. However the two are still waiting renovation as i have no funds to get anyone in and hubby too busy so it is costing me a arm and leg each month with mortgage and business rates etc. Now to get the shop Natwest said they had to do it as two separate loans and to move forward MY HUBBY WOULD HAVE TO AGREE TO put property number 2 just in my name and they used that property as a guarantee incase the business went belly up. so now we have the marital home in both our names with a 100,000 mortgage on it, property number 2 bought for cash but remortgaged to get 2 business loans which are also in my name. My husband has just announced that if i don't get an estate agent in soon then he will for our marital home then he can take his half. How would that work?? They'll only be about 100,000 excess..Will he then expect me to pay the mortgage on the other two properties?? Do I sell the other 3 properties? the house my sister rents was bought for £70,000 and we used the other 30,000 to do it up and to buy a car. the shop and flat have been stripped out and so down to bear shell with no bathroom or kitchen so i wouldn't even get the money back. Is their anyway I could sort all this out so i can keep the marital home?? Please help I don't want him to dictate what to do just cos he wants his money quickly. Thanks in advance!
Don't lead me into temptation I can find it myself! DFW LBM 03/11/08
0
Comments
-
" he can take his half "
My EX wife got 70% equity in the home and we have 1 child
CSA would be 25% of his net take home pay untill the kids are 19 if still in full time education.
I would put the 2 bed house on the market or offer it to your husband
and sit down and work this out together
If you get solictors involved it will cost you both thousands of pounds
keep if friendly for the sake of your kids and tell him the kids are settled in there home and carry on using that as a base for your buisness.
Put shop/flat on the market and talk to each other about getting it fit to sell !
Sending letters via solictors will cost you a fortune.
Only my opinion but lots of people have been through long and bitter divorce
problems and I am just one of them.
He can rent some where0 -
Ths Dimbo61 I know he wouldn't get half but want to make this as comfortable as poss for the kids. I do still love him but he needs to sort his anger out. i rang him this morning and even though he has blankly refused to go to Relate, we have started talking about it. it's all the debt we are in but he needs a wake up call to see he can't carry on treating us like this. hopefully we can sort it out. I have asked my sis who rents the house to see if she can get a mortgage to buy it or a share of it and my deputy in my tutoring business to see if she can buy a share of the learning centre so we can carry on with the renovations and get revenue coming in from it, so if it comes to it i can extend me business loan and buy him out if we can't work through out issues. See what tonight brings!!! thanks for your time, much appreciated!Don't lead me into temptation I can find it myself! DFW LBM 03/11/080
-
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.7K Work, Benefits & Business
- 603.2K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards