Separation and the future....

lisa76

Well after 6 years and a beautiful baby daughter it looks like my marriage is over (OH left today).
I would like an amicable split, and don't want to 'screw' him financially, but I want to know exactly what i'm entitled to.
The biggie is the mortgage. We bought our house for £165000 and our mortgage is £70000 - i put down 60K and he put down 25K from the sale of our houses, the rest was joint savings. The house is now worth around £225
K. I want to stay here but can I?
If he wants to get a single mortgage will I have to buy him out, and if so how much would I have to give him?
I don't want to do CSA as he has a son from a previous relationship that he's had to go down that route on and it's a nightmare.
He earns around 30K a year and I earn £14K.
Do we come to some arrangement between ourselves or would it be best to get it done through a solicitor.
Any advice would be appreciated.

hobo28

lisa76 wrote:

Well after 6 years and a beautiful baby daughter it looks like my marriage is over (OH left today).
I would like an amicable split, and don't want to 'screw' him financially, but I want to know exactly what i'm entitled to.
The biggie is the mortgage. We bought our house for £165000 and our mortgage is £70000 - i put down 60K and he put down 25K from the sale of our houses, the rest was joint savings. The house is now worth around £225
K. I want to stay here but can I?
If he wants to get a single mortgage will I have to buy him out, and if so how much would I have to give him?
I don't want to do CSA as he has a son from a previous relationship that he's had to go down that route on and it's a nightmare.
He earns around 30K a year and I earn £14K.
Do we come to some arrangement between ourselves or would it be best to get it done through a solicitor.
Any advice would be appreciated.

Hi Lisa

Sorry to hear about your marriage. You must be very worried about the future at the moment. The good news is that it will sort itself out and life will get better. It'll be hard at first but it will get better I promise!

Its good that you want an amicable split. Does your he feel the same way too? Is he going to want his share of the house asap or will he allow you to stay there with your daughter? I suppose it depends on his situation and if he's a decent enough father to try to minimise the disruption to his daughter if he can.

If the house is worth 225k and your mortgage is £70k then your equity is of course £155k. This is probably going to be the main topic of "discussion" after childcare arrangements.

On the maintenance side, he should pay 15% of his net salary towards your daughter's upbringing which should be about £270 per month. That said, if your daughter stays over with him he can deduct 1/7 for each night per week.

I would say that if you can come to an agreement then it would be best. The legal parasites are the only real winners if you both "lawyer up" as you'll find a large chunk of the settlement ends up going to them in fees. It all depends on how amicable the split is and what his expectations are regarding access to the child.

I'd take the next few days to let the dust settle first. You need to be sure that anything you decide now is a rational act rather than an emotional one and I know it took me a while before I could think straight when my relationship ended.

Good luck

Dora_the_Explorer_5

Although you want 'an amicable split' it may not be possible, for all sorts of reasons. A family law solicitor will be able to advise you, give you all the information you need, negotiate for you, and ensure that everyone is treated fairly.