Separation financial advice

Hi all,

First time posting.

I'm just after a quick rough overview on finances. We currently have a mortgage on a house with a lot of equity in, and two great children.

We are on the verge of separating which we both agree to but I wondered what kind of maintenance I would be expected to pay, and thinking longer term, would I give up any rights to future equity on the house should the ex stay in the house with children for the next 10 years?

Is it best to carry on paying all or part of the mortgage rather than just child maintenance payments?

I am on a low wage if that's any help.

I know I will need to get legal advice but I would just like a quick overview of how I would stand. The mortgage is in a joint name but I have paid the mortgage and bills for the past 10 years.

Thanks

Comments

  • 19lottie82
    19lottie82 Posts: 6,027
    First Anniversary Combo Breaker
    Forumite
    The CSA sets a minimum that you are legally entitled to pay. After that, how long is a piece of string?

    I guess it's mainly about how much can you afford to pay, whilst still being able to have a "life" yourself. What I mean is, it wouldn't be right for you to continue to pay all the bills, leaving you without any money for your own place (and sleeping on the sofa at your mums place)

    Can you afford to pay the mortgage? Can your ex? Remember your ex should be entitled to benefits as well as your maintenance money.

    Joint mortgages are complex, basically you are both liable for the payments, if your partner chooses not to pay, the mortgage company will chase you for the balance, and vice versa.

    Will it be an amicable split? If so this will make things a lot easier.

    PS you might be better posting this in the main "relationships" board, for more traffic / answers.
  • jenny54321
    jenny54321 Posts: 29 Forumite
    edited 2 March 2015 at 9:54PM
    my ex paid 1/2 mortgage and gas/elec/water bill i have 2 small kiddies. this worked ok until he got married again and had kids with the new wife , now he just pays gas/water/elec/poll tax .
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