Mortgages and divorce/separation advice please

ADC_3

My wife and I are separating. She's moved out to her own little flat for which she's paying rent. I have 2 adult children here with me. I'm still here paying a £1,000 a month bill for mortgage and endowments. She has little income. I can manage these payments BUT

a) should she be paying half?

b) she's expecting a 50/50 division of the proceeds of the sale of the house but I've suggested I take out of the proceeds an amount equal to the monthly repayments she should have been making to the big mortgage before we split it 50/50.

c) As I'm expecting to have the 2 children in the next (smaller) property I live in I suggest we don't split the proceeds 50/50 but with more coming to me as I'll be having the children.

d) Can I ask the lender for a repayment holiday until I sell the property so I don't have to pay the £1,000 a month

property value 350K, mortgage 200K

Any advice welcome. I'll be talking to the lender soon but want to know my options before I do.

dwsjarcmcd

ADC
I think your first port of call should be a solicitor but will give you my thoughts based on experience,
a) You say she has 'little income' so can she actually afford to pay the rent and half the mortgage? If you are the main earner, then I would doubt that she can, or should pay half. If she is then that's a different story.
b) If you agree this between you then fair enough but really the answer is the same as c)
c) There are no set rules on this and if your having the children, then a spit of more that 50/50 in your favour is right. When I got divorced, my ex-wife got 75% of the equity as my daughter lives with her. Vital you see a solicitor.
d) The main thig is to speak to your lender. Normally they allow payment holidays only if you have previously overpaid, or it's part of the pricing. If you can afford to pay the £1k p.m then it would be better if you did, obviously if you can't then a conversation with your lender is critical.

Have a mooch over the web to find guides as to the various ins and outs (financially) of divorce, that should more authoratively answer some of your questions.
Good luck!

silvercar

My personal opinion in answer to your questions:

a) not necessarily, especially as she also has to find her rent money.

b) from the moment you split and she moved out, she has had rent and bills and you have had mortgage and bills. Try splitting that in proportion to the salaries you both earn.

c)courts would agree with you if the children were under 18 and in full time school. for adults they wouldn't. The adult children's need for housing is deemed to be too short to justify giving you extra equity. could the children contribute to the mortgage and enable you pay your ex off and keep the home?

d) ask but it will have to be repaid at some point.

julesgrimm

For the best answers to those questions you need to see professionals and ask them. You really need to see both a solicitor and a financial advisor to get the proper answers to that. If your lender has in-house financial advisors like National Guarantee then pay them a visit. If there aren't in-house advisors then you need to visit an independent financial advisors like those at SquareOne.

Solicitors are a definite necessity when it comes to a divorce, without one who knows the exact circumstances you could come off very badly form this. Regardless of what your feelings are about your spouse you need to ensure that you retain as much financial stability for the sake of your children as well as yourself. Unfortunately i cant suggest someone to see in regards to solicitors since the personal natureb and details of your divorce makes it very hard to give a sweeping recommendation.