Giving up home to wife - possible scenarios

cymro

Any advice appreciated. My wife and I have agreed in principal to separate. We both put the (2) kids first so I would like the wife to stay on in the home with the kids. Before I do this I will need some money to set up home elsewhere, deposit etc. The wife doesn't have enough money to 'buy me out' and I don't have anything substantial (cash-wise) to go forward with.

So in summary without causing any upset/instability for the kids I would like as much as possible (equity) out of the house.

What are the possible scenarios in this situation?

Many Thanks

Morglin

I would see a solicitor, who may have some ideas.

Alternatively, your mortgage provider may know of schemes that can be applied in these circumstances.

Lin

Bettyboop

cymro, it's great that you have put them first. I moved out of my home and I'm trying to get back in when my lease expires. I don't have enough money to buy my husband out either. But for my daughters wellbeing we need a stable home. I know that you want a home of your own....but you may find and don't shoot the messenger that for you to rent somewhere would be acceptable. It's not a necessity as far as I HAVE BEEN INFORMED by others that the husband must buy a place.

But as Morglin has suggested speak to the CAB or a Solicitor about some options. One may be that they remain in the house until the kids finish full time education and then it is sold-bearing in mind this may be evident if you take the divorce route.

I'm seperated and it's very hard. All the best and I hope it works out for you.

silvercar

either:

1) the mortgage on the current home needs to be increased to give you some equity to use as a deposit.
2) the current home needs to be sold so that your wife can buy a smaller home with a smaller mortgage and you can have a deposit.
3) wife stays in home and you rent somewhere.

From what friends tell me, a wife who will have the kids with her would generally be given 70% of the equity.

sarah_hamilton_2

hi my boyfreind left his wife and 2 kids 7 years ago and went to live with his dad he has payed the morgage and other insurance policys for all that time also help with food shopping and clothes for his children for the first 2 years he was giving his wife £800 a month maybe through guilt i dont know but as a result of this he got himself into debt which hes still paying for . I met him two years ago hes now got a divorce but there is still the financial issues to sort out ive already bought my house on my own i also have 3 kids we would like to move in together but i would like him to contribute to my morgage if we got married i would like him to put something in the pot so to speak .What im saying is its good what your doing but dont forget about your future either your wife may well meet someone else too.

cymro

Thanks Sarah for advice. Below are some answers I received from a similar posting on ondivorce.co.uk

---

a. I earned more than my ex husband and had to remortgage the house hugely to pay him off. COuld your wife remortgage say to a 30 year interest only mortgage and release capital to you that way eve if you also stil lhave to pay her spousal maintenance and maintenace for the children?

b. As ER says your wife can buy you out - can she get any money from family? You need to take care as so much depends on the whole financial picture - including pensions, savings and earnings.

c. Another option is Mesher - this is where you sign the house over and place a % charge on it. The house is sold (and you get your money) when certain conditions are met, e.g. co-habitation or youngest child reaches 18.

You need to think very carefully about the options as things will change, ie, new partners etc.

Regards

Tom

snowmaid

Don't know the circumstances on your separation, but well done to you on putting your family's well being first.

There are men who selfishly try and 'spite' their partner to the detriment of their kids (there is another posting where a guy is throwing out his ex and child!!) They can take a few pages out of your book.

There is a lot of good advice here. Put everything in writing though. Makes it so much better.

pinkshoes

Given that you'll still profit from the increase in value of your family home, then maybe you moving into rented accomodation is the best option for now.

You need to sit down with your (ex)partner and discuss finances. You should both be paying an equal % of your salaries towards the mortgage, the kids, and also the property you'll have to rent, as it would be unfair for you to have to foot your share of the mortgage, pay for 1/2 the kids stuff, AND rent an entire house on your own.

Well done for putting the kids first though! I would suggest using a solicitor, but the money spent on a solicitor would probably rent you a house for a month or two, so only use this if a solution can't be reached!

When the kids finish school, then you can sell the house and split any profit after the mortgage is paid off.