Joint mortgage and seperated ?

RichP_2

Hi, I am looking for some advice over what is likely to happen in the future regarding my house, the details are as follows ...

I have a joint mortgage with my ex wife, we split up in July and she stayed in the property while I conitinued to pay the mortgage (I have always paid the mortgage, although ex wife does work part time now for previous 12 years she did not and was not claiming any benefits).

She has now moved out and I've moved back in, building society will not remove her from the mortgage, I understand she is entitled to 50% of the current equity and the house will be valued soon to work out the figures, but should I live here for say another 5 years would she be entitled to 50% of what its sold for in the future?

A little background is that we have two children, one lives with me full time the other with her, I understand that I really should see a solicitor but I just can't afford it, if I do it will have to be paid for on a visa card which I really really dont want as money is tight.

Any other future perils that I have not forseen regarding this? I have taken £27k of personal debt which although being mostly in my name I believe she would normally be expected to pay half of should the house have been sold upon seperation.

I guess my main concern is I dont want to continue paying £800 a month on a mortgage to find she takes half in the future?

Cannon_Fodder

You need a solicitor to handle the divorce settlement. A solictor could normally draw up a document to protect your equity if not married - I don't know if that is possible while a divorce has yet to happen.

The house should be considered within the overall settlement - i.e. what you might expect from her towards debts could be offset by the portion of your pension that would otherwise have been assigned to her, or the house equity, or child support, or a combination thereof.

Get to the debt-free wannabee forum and start denting those debts. They will likely hinder any future re-mortgage to a single name. And freeing up those debt interest payments will help provide money for the solicitors fees you will have to pay, one way or another.