money issues after separation

BOBKIN_2

I have also posted in debt free wannabe they have told me I may get better advice here, hence re-posting


I am currently separating with my husband and we have 2 children under the age of 7. We have substancial debts which consists of credit cards and a secured loan to the property which the settlement would be around £30,000. He is now considerating signing the mortgage over in my name which will include the loan. I'm not sure if this is good news or bad because even though I would have my own property and security for the children I would be also liable for the mortgage and loan even though I can afford to pay for it all myself. He would take the other half of the debts that are in his name. I currently work part-time but overtime is always available and as of september both of my children will be in full time school.

xmaslolly76

Hi bobkin

Sorry to hear your seperating it must be really difficult for you.

Can i ask are you in the process of getting divorced? If you are not then i wouldnt change anything until you are as you could be left paying the mortgage and he could lay claim to half the equity. The other thing to consider is weather the bank would actually allow him to sign it over in the current climate.

I would go and get some decent legal advise then weight up how much it would cost you to rent or buy a another property compared to what you would be paying now.

I hope it all works out for you and children :-)

daska

If you're income is low you might be eligible for legal-aid

Solicitors sometimes offer a free half hour introductory appt which you might be able to make use of - gather as much info for them as possible so it isn't all spent writing down phone numbers etc!