Splitting up - what happens to the profit from the house sale?

GobbledyGook

Mojisola wrote: »

I can understand how aggravating this discrepancy is -

It does seem like a tax on being the parent with care.

That is why the OP should be getting legal advice on the sale of the house and split of equity. When children are involved there shouldn't automatically be a 50-50 split of the equity.

FBaby

Mojisola wrote: »

I can understand how aggravating this discrepancy is - It does seem like a tax on being the parent with care.

No it isn't. OP has the choice to work full-time too, she just doesn't want to. She could agree shared care.

OP, I understand how you feel you should be entitled to keep what you've earned as compensation to what you are losing through the separation, but it doesn't work like that. You want it all, being able to raise your child, getting benefits AND keeping your savings.

There are many single mothers out there working full-time struggling to pay their mortgage and paying taxes. Is it fair that they should be supporting your choice to stay at home with your child whilst keeping your savings, savings that they will never be able to raise through work?

I was there, became a single mum when my kids were 3 and 18. I took the decision to continue to work full-time to afford our mortgage and the bills. Yes, I probably missed out on quality time with them (although I don't feel I do and they certainly are showing no sign that it has affected them negatively), but I now have a house, a well paid job, so I can offer them much more than I could on benefits. It was very hard though and I certainly would have been aghast to think that my taxes were going for other single mums to stay at home, claim benefits and be much richer than I.

You do need to put things into perspective. You are far from the only one finding themselves with the dilemma of making that choice.

Dunroamin

I always wonder why people say they've "earned" the equity in a property when most of it has come about simply by the inflation of property prices.

daniboy

friendofchocolate wrote: »

I am a SAHM and as my youngest is only 18mths I don't really have any realistic prospect of getting full time work outside the home for at least another couple of years. I do a bit off freelance work but this only brings in maybe £1000-£1500 a year.

We are splitting up and with the profit from the house we'll probably end up with about £40k each. What I would like to know is what can be done with this? It's obviously not enough to buy somewhere else and I wouldn't get a mortgage anyway with no job. What I would want to do is put it in some kind of bond for a few years until my youngest is at school, at which point I can get a job again. Or even lock it away for 10 years until my oldest goes to university!

But I suspect that I will be obliged to simply fritter it away on rent and food until it's all gone - is that right? Thank you for any advice.

Unbelievable!!

RAS

GobbledyGook wrote: »

That is why the OP should be getting legal advice on the sale of the house and split of equity. When children are involved there shouldn't automatically be a 50-50 split of the equity.

Precisely.

Any chance that you can stay in the house, pay the mortgage using tax credits to cover the interest and CSa towards capital payments.

Obviously in 10-15 years time, you may have to sell and give ex something (probably more like £25-30K), but I would ahve thought that a quite reasonable settlement.

jetplane

Why are you selling the house? Why are you splitting the equity equally? Is the child not his? Otherwise you would stay in the house get maintainance and either up your freelance or claim benefits or both?

DylanO

friendofchocolate wrote: »

I guess I need to adjust my expectations. The prospect of never owing a property again - which is what it probably comes down to - just sucks, while ex-p has no such problem, and all because I'm choosing to care for my OWN children.

You're a veritable saint! Would you like me to care for your children? Or do you just want me to pay your rent so you can have the luxury of doing it yourself?

Get a grip you grasping little creature.

DylanO

GobbledyGook wrote: »

That is why the OP should be getting legal advice on the sale of the house and split of equity. When children are involved there shouldn't automatically be a 50-50 split of the equity.

If they're married then you'd be correct, but if not, there's nothing to say that they shouldn't be splitting the money equally. There could be an argument that he has paid the lion's share of the mortgage so he should get more.

the_cat

I'd suggest naive rather than troll given that the highlighted thread is from 2009. Long time to go between attention seeking threads!!!

Although it was titled along the lines of 'marrying for financial benefit' so I feel safe to assume that the greedy/grasping comments are not too far from the mark!!

babymoo

friendofchocolate wrote: »

Apologies for sounding lentil-weavery, *newcook*, but I'm bringing up the next generation. I would have hoped to have the £40k LOCKED AWAY FOR YEARS in the bank to provide for their future, specifically university, with a view to them becoming extremely useful economic contributers to society in a couple of decades :-D It's not quite as simple as "you paying my rent". I appreciate that this is the way the country currently works, however.

So is the rest of this generation, we all have to pay rent, bills etc and can't all sit on a nice nest egg whilst getting handouts. You sound a little like a spoilt brat tbh. You chose to have children, you live with bringing up the little darlings but that means you don't get to have nice savings unless you work and can afford both.