Told wife I want a divorce and her to buy me out of the house!

cakeforbrains

You'll have to stay on the mortgage, but only she will be liable to pay it if she continues to live in the house without you. Then, as others have said, when the youngest child turns 18 (or if she remarries or cohabits for six months) your share in the equity will be due to you.

Your share will likely be 50% or lower, depending on how the judge sees it.

jetplane

Having her buy you out to free you up sounds like an easy financial option for you.

If I were your wife and could afford it I would buy you out for £20k, a third of the equity, particularly if you were clearing the joint debt and paying the fees. Get shot of you and get rid of the debt.

However it depends how much the mortgage is as she would need to take on the whole debt not just the 20k. I don't know how you split the bills now but this is going to be a whole lot more expensive for her than for you.

So she might reject your idea of you passing the financial burden to herself and choose to sit tight until the courts force a sale which wont be until your son is 18 or more, meanwhile you will be jointly liable for the mortgage and will need to pay that on top of any rent.

Having said that I do think it is an awful situation though when couples are forced to live together due to the cost of the mortgage and unavailability of other affordable housing.

jetplane

cakeforbrains wrote: »

You'll have to stay on the mortgage, but only she will be liable to pay it if she continues to live in the house without you. Then, as others have said, when the youngest child turns 18 (or if she remarries or cohabits for six months) your share in the equity will be due to you.

Your share will likely be 50% or lower, depending on how the judge sees it.

Is this correct I thought they were both jointly liable regardless of who lived in the property?

Skinto_7

BitterAndTwisted wrote: »

"We haven't had an easy few years and its time to move on with both our lives".

That's nice dear, but how do you propose she'll be able to move on with her life with a limited income and four kids in tow, never mind magic up twenty grand from nowhere?

To be fair, probably the same way you expect the OP to magic up the money to fund his cheating wife, the 4 kids (3 of which are not his) pay for the maritial home and also somewhere for himself.

brenda10

Skinto_7 wrote: »

To be fair, probably the same way you expect the OP to magic up the money to fund his cheating wife, the 4 kids (3 of which are not his) pay for the maritial home and also somewhere for himself.

I agree with you Skinto...... what about the man in this situation......they nearly always are the ones that suffer while the wife comes out on top. I'M sure she will cope with her own 3 children and both their 1 child, goodness help the children and the poor man that is stuck in this awful situation, Good Luck and I hope all turns out good for him. x

cakeforbrains

jetplane wrote: »

Is this correct I thought they were both jointly liable regardless of who lived in the property?

No, the person (wife with children) living in the house pays the ongoing monthly mortgage. At least, that's the what the court ruled in my case and, more recently, in my friend's case a few months ago. She was miffed because she is effectively paying into his little equity savings pot, but, on the other hand, he has to fund his own housing for the next few years.

antrobus

cakeforbrains wrote: »

No, the person (wife with children) living in the house pays the ongoing monthly mortgage. At least, that's the what the court ruled in my case and, more recently, in my friend's case a few months ago. She was miffed because she is effectively paying into his little equity savings pot, but, on the other hand, he has to fund his own housing for the next few years.

The court may rule which of the parties to the divorce should pay the mortgage on an ongoing basis, but the lender is not a party to the divorce, and if the party that should pay doesn't, the lender can still come after the other party.

Both parties remain jointly liable for the mortgage until the lender agrees otherwise.

GobbledyGook

cakeforbrains wrote: »

No, the person (wife with children) living in the house pays the ongoing monthly mortgage. At least, that's the what the court ruled in my case and, more recently, in my friend's case a few months ago. She was miffed because she is effectively paying into his little equity savings pot, but, on the other hand, he has to fund his own housing for the next few years.

She may be the one seen as responsible for paying or it month to month in their separation agreement, but the mortgage company will hold them both responsible. If she stops paying they will look to him (and it will impact his credit rating).

cakeforbrains

antrobus wrote: »

The court may rule which of the parties to the divorce should pay the mortgage on an ongoing basis, but the lender is not a party to the divorce, and if the party that should pay doesn't, the lender can still come after the other party.

Both parties remain jointly liable for the mortgage until the lender agrees otherwise.

Yes, completely.

thorsoak

GobbledyGook wrote: »

She may be the one seen as responsible for paying or it month to month in their separation agreement, but the mortgage company will hold them both responsible. If she stops paying they will look to him (and it will impact his credit rating).

This is correct - the son of friends divorced, his wife remained in the property and she was responsible for paying the mortgage and he remained on the mortgage. Three years later, she defaulted, the house was repossessed and they were both held jointly and severally responsible for the debt - and there was a shortfall in the region of £60k:eek: She refused to have anything to do with the mortgage company which then went for her ex - demanding the £60k from him. As he was paying maintenance for their 2 children on virtually nmw whilst she was apparently "living the life of Riley" with a new partner, he eventually went bankrupt. He now seems to be rebuilding his life again, but ex-wife is complaining bitterly that things aren't fair, as the mortgage company has now started chasing her again.......