House and Divorce

Veggiehog

Is it possible to continue sharing a mortgage till the youngest child is 18 (4 years time) after divorce ?

TBagpuss

Yes, if that is what you agree.

It not uncommon, in cases where there isn't much money, to have an arrangement that the parent with whom the children live stays in the house until the children leave school, and that the house is then sold with the net proceeds being split.

A court order can be made (either by agreement or, failing that, imposed by the court) which can define when the house must be sold, what % of the value each spouse will get, and who is responsible for what.

It's known as a 'Mesher' or 'Mesher type' Order.

It's quite common for an order to say that the spouse remaining in the house must 'use their best endeavours' to get the other person released from the mortgage, but for the mortgage to stay in both names if they cannot do so (usually with the spouse living in the house being responsible for meeting the monthly payments.

As the non-resident spouse will find it difficult, if not impossible, to get another mortgage while remaining on the original joint mortgage, they may be entitled to a little more, on the eventual split of the equity, than if they can be released at the time of the divorce.

Your solicitor will be able to talk you through your options, and how reasonable this may be in your specific case.