Mortgages & Divorce

daxon

Ok......... further to a couple of posts recently, still trying to help this friend of mine. If anyone remembers he has just moved out of the family home, his wife is talking divorce (although as far as he knows hasn't done anything about it yet), he has debts of around £15k (after advice from here he is waiting for his debt report to come through) inc a couple of CCJs. He is currently talking about re-mortgaging his house (I have asked in the mortgate section for tips of good possible deals) to pay off his debts so that he can have one monthly payment and pay back everyone he owes so he will, granted, have a higher monthly payment but will feel like he is getting somewhere. My questions for you debt free experts are this:
1. Some of his debts are being handled by a debt agency as you all suggest already, he is thinking of asking the agency to get settlement figures from the various companies so that he can pay out of his re-mortgage. Is this a good idea?
2. The house is in his name alone. He is presuming that in the event of a divorce that he will still have to pay the mortgage , but I'm not sure this is the case. Surely a court won't let him just carry on as now paying a mortgate with the house in his name as then his wife could just be kicked out at any time? I think that they look at all assets as joint don't they and then divide down the middle? If that was the case wouldn't she have to 'buy' his share if she wanted to stay in the house? Presumably his contribution would then be via Child Support (they have 2 children).

I know that the first thing to do is sort out what exactly his wife intends to do but at the moment it is all too new and too raw. He is still seeing the children each day but neither of them have faced up to telling them yet that they are splitting. He is very very depressed so I don't want to keep squashing all his ideas but any advice would be gratefully received

Thank you so much for all your help - I feel as though I am not shouldering all the responsibility for him on my own!!!

regularsaver1

I suggest he talks to a solicitor about the house , deeds and assets

daxon

Yeah, I know, He's doing that 'man thing' at the moment - avoid the issue and hope it all goes away! Been speaking to him about budgeting today & he accepts that he's never done it - just trundled along!

chevalier

many years ago, a friend of mine in a divorce settlement was allowed to keep the family home, until the children had finished full time education. Then it would be sold.

I hope that your friend gets help with the debt
chev