House query after marriage split?

spendleb

Hi all, not sure if this is the right place to ask.

I am splitting from my wife and moving into a rented apartment in 3 weeks time. We have been together 20 years, married for 11 of those years and in a mortgage for 14 years. We also have two kids under 10.

It’s all amicable and we are not planning on a divorce yet, it’s something we might do down the line if needed but we need to do something about the house, she will carry on living there and my name is on the mortgage/endowment but at some point in the future once the kids are grown up and left home, presumably I need to get something out of it financially, I have been the major wage earner since we met too.

How does this work? What should I be entitled too? A friend suggested to her that if we sold now, I would get 20%, is that a fair amount? If we sold now, there is about 70k equity. If 20% is considered fair, do we put this in writing and lodge it somewhere, think she is scared that I will change my mind in later years and want more, can’t see it happening but you never know I suppose.

Can anyone help?

TrickyDicky101

Once the kids are out of the equation I would think (without considering other assets of the marriage such as any pension fund you might have) that the division of assets would be on the basis of 50:50. Since presumably the kids are staying in the marital home and need looking after, any division now would presumably take this into account and thus might reduce your share.

If you have no intention of forcing a sale at the current time but will be supporting your wife/children, why would you not want a 50% share after they have left home?

By the way I am not a lawyer and have no legal training, so my opinions above are just my own thoughts and shouldn't be relied upon.

spendleb

Cheers, not sure really, suppose I am trying to keep her happy but I know she feels from now until the mortgage is paid up (could be 27 years (we had a 2 year break to research building our own place, market went **** so had to start again with a full term), I will not be paying towards it so why should I benefit from now onwards with a 50% share?

beecher2

How's your wife going to pay the mortgaeg? Didn't you say in another thread that she was low paid and having to rely on benefits?

spendleb

beecher2 wrote: »

How's your wife going to pay the mortgaeg? Didn't you say in another thread that she was low paid and having to rely on benefits?

Yeah, if she can get the benefits the online checker suggests she can (she is really finding it difficult to apply for these, stigma of being on benefits) plus my money and her wage, she would be fine. She is training to be teaching assistant then a teacher so it's not forever, hopefully she can increase her wage at some point.

ViolaLass

If you're giving her money, won't you effectively be paying part of the mortgage?

spendleb

ViolaLass wrote: »

If you're giving her money, won't you effectively be paying part of the mortgage?

Not in her eyes, that's purely child maintenance money.

ViolaLass

But part of child maintenance means keeping a home for them i.e. paying the mortgage.

CAN1976

spendleb wrote: »

Cheers, not sure really, suppose I am trying to keep her happy but I know she feels from now until the mortgage is paid up (could be 27 years (we had a 2 year break to research building our own place, market went **** so had to start again with a full term), I will not be paying towards it so why should I benefit from now onwards with a 50% share?

Well yeah, if you are not paying towards the mortage i future, you should only have a claim on current equity?

If the house was owned outright would CS payments be any less?

spendleb

ViolaLass wrote: »

But part of child maintenance means keeping a home for them i.e. paying the mortgage.

yeah I know, she just doesn't see that though, child maintenance and the mortgage are two separate things to her, doesnt help that her mum believes that I am paying both, god knows how she thinks I can do that!