marriage breakdown, children, mortgage and finances!

mrskpickles

Hi there,

My husband and I split up four months ago, he lives in our jointly mortgaged house with our two sons. I have left the family home (long story and not what i need advice on).

So I need some advice on the following.

I am happy to leave all of the contents of the house, things we jointly bought, andI do not want the house, or any equity that might exist when he eventually sells and moves. I am not sure if I can or should take myself off the mortgage.

We have a joint loan, currently £10k outstanding, it is in arrears, but I have an arrangement and pay a certain amount per month. I also pay all of the credit payments we have, they are not in arrears, and actually everything but the loan is in my name, store cards etc. I have said I am happy to take sole responsibility for them (i know I have to as they are in my name, but I wont ask for contributions) until they are paid, most of what is in the house is on credit. He can keep it, I'll pay for it.

He pays the mortgage, and the household bills, he has his full time income, plus child tax credits and child benefit to do this. I do not pay structured maintainance for the children, he suggested this as I am paying for all the credit etc. We agreed that when the debts are eventually paid off, I will start to pay structured maintainance.

I do have the children three days per week, work two days, and he has them all weekend, his request. I obviously spend money when I have them, as normal, buy bits of shopping for the house, and clothes etc for the boys. I have very little disposable income.

Where I live, I dont have to pay rent, or bills.

I am not sure whether this is an ok arrangement, or how we could do things better. I would be happy to have his name taken off the joint black horse loan, but not sure if this could happen??

Any advice on how to arrange/manage all of this would be gratefully accepted.

Thank you

Brighton_belle

The only way you can get your name taken off the motgage is if your ex is able to remortgage in his own name.
Even if he earns enough to, if you are in arrears on a joint loan, this will affect his credit rating and it will make remortgaging now probably impossible.
I imagine it would similarly be impossble to get his name removed from the black horse loan, as the company will want the option of two people to chase separately if the loan falls into arrears.

Companies make loans and offer mortgages based on calculated risk. That calculation in this case was based on both you your incomes and makes both of you liable for all of it, not half of it in the eyes of the law. So the company risk would at least double by removing one of the liable names.

RAS

Hi

Do you have doormat tattooed on every appendage?

Seriously; legally you are responsible for the whole of the loan and mortgage, jointly and severally and solely responsible for the credits cards etc in your sole name.

Your husband can fail to pay either of the joint debts and wreck your credit record and leave you wholly responsible for the mess.

If the credits card debt was acquired because of family expenditure rather than gambling or living the high life on the side, they are debts of the marriage. As such, when you divorce they should be off-set against any assets of the marriage. That may mean ex giving you some equity to cover half the debt.

You need to see a decent lawyer and get some proper advice.

I am not suggesting you fleece him, just that you look after yourself and mind your back because you are heading for ruin.

And you need to be in full-time (30 hours a week) employment ASAP.

kingfisherblue

I'm with RAS on this - you seem to be paying everything but walking away with nothing. Even if you think that is what you want now, what about the future?

Also, your husband has agreed that you do not pay formal maintenance while you pay off the debts, but he could change his mind at any time. You would then be paying 20% of your net income as child support before any debts could be paid.

Please see a solicitor and get everything sorted out legally. It will benefit you in the future.

RAS

Thanks kfb

Forgot to add that.

mrs p, please go over to the child support subforum and learn about the way CSA works, as you could well end up taking on the debts and then being hit with the CSA payments as well.