Breaking up...financial question

first78

So it looks like my 18 year marriage may be coming to an end as my partner no longer loves me.

We have two kids...I work part time and earn approx £16k, my partner works full time and earns 25 k. We have 2 kids in nursery. Our house is worth approx 70k and we have 61k to pay still. If my partner leaves I won't be able to afford the mortgage and I imagine they would struggle to find a place to rent...so how will we manage on our own?

Just want to make sure I'll still be able to provide for my kids...devastated at my situation and just want to try and understand the practical stuff. Thanks.

KRB2725

Have you worked out what financial help you will be entitled to, tax credits and child support from your partner?

Your mortgage isn't huge, not much bigger than you would be able to secure on a 16K salary, so it may be possible for you to stay. Do you have much/any unsecured debt?

first78

To be honest I have no idea where to start...never in a million years did I expect to be in this position.

I really wanted to move out of the house we're in in the next 2-3 years...we don't live in a great area but if my partner leaves I guess there won't be a choice.

pphillips

Do either of you have any savings and investments or are paying into a pension as these will be considered as well.

janb5

Just wanted to say that my advice would be not to make any decisions in a hurry but to get proper advice..in these case dont listen to your friends break up stories but be dignified and avoid mudslinging.

You can access initial free legal advice for an initial hour which is a good way of checking whether you like the solicitor rather than choosing one at random. Good luck.

Guest101

first78 wrote: »

So it looks like my 18 year marriage may be coming to an end as my partner no longer loves me.

We have two kids...I work part time and earn approx £16k, my partner works full time and earns 25 k. We have 2 kids in nursery. Our house is worth approx 70k and we have 61k to pay still. If my partner leaves I won't be able to afford the mortgage and I imagine they would struggle to find a place to rent...so how will we manage on our own?

Just want to make sure I'll still be able to provide for my kids...devastated at my situation and just want to try and understand the practical stuff. Thanks.

Sure it's Husband or Wife (unclear) rather than 'partner'.


Would make financial sense that whoever has the kids, stays in the house and the child maintenance payment may help towards mortgage

TBagpuss

take a look at http://www.entitledto.co.uk/benefits-calculator/startcalc.aspx, you can fill in the calculator based on your incom and outgoigns if you remain in the hosue without your spouse, which will let you see what you would be entitled to claim.

Also https://www.gov.uk/calculate-your-child-maintenance/y which will give you a starting point as to what your spouse should pay as a minimum to support the children, if they remain with you.

You may find it helpful to draw up a statemetn of your means and income an outgoings to see where you may be able to reduce outgoigns and what you can afford.

It is scary at first, but you don't ned to do anything in a hurry.

You have a fiarly small mortgage so unless you also have a lot of other debt you are servicing, you should be able to afford it - how much is the current mortgage payment each month? How much are rental propertied in your area?

It is more expensive to be single than half of a couple so both you and your spouse are likely to have to budget and to accept tha you will have to cut your living costs.

However, if you earn £16,000 you presumably take home around £1,150 a month. I think you are likely to be able to claim either Universal Credit or Child & Working Tax Credits, depending on where you live.

Once you and your spouse separate you should be able to claim a 25% council tax deduction as a single adult.

You might find it useful, once you have done a list of your income and outgoigns, to look at the debt free board where people will be able to look at your list and advise about ways you might cut outgoings.

Go to see a solicitor, they will be able to avise you about what your options are.

once you know rogughly what your income will be you can also speak to an independent morgage advisor to see whether you are likely to be ain a psotion toremortage to release your spouse from the mortgage, to stay in the house. The mortgage is not massive in relation to your income, and it may well be possible, some lenders will take into account tax credits and/or child supprot as part of your income for mortgage purposes, and if you are able to get your soouse relased from the mortgage then that benefits you both; with only £9K equity a lot of that would be eaten up in sale and moving costs if you sell up, so it may make sense for you to stay, with the children I've assumed you are curently the main carer as you mentioned you work part time and your spouse works full time) and getting your spouse off the mortgage would make it easier for them to get a new mortgage elsewhere once they are able to save a deposit.

Pollycat

This link gives you 2 independent benefit checking websites.
Put your details in and it will give you an idea of what benefits you might be entitled to:

https://www.gov.uk/benefits-calculators

Make an appointment at CAB for advice.

first78

We both have work pensions that we pay into but nothing else and only about £500 in savings.

first78

Guest101 wrote: »

Sure it's Husband or Wife (unclear) rather than 'partner'.


Would make financial sense that whoever has the kids, stays in the house and the child maintenance payment may help towards mortgage

It shouldn't matter what the gender of my spouse is...that is why I use the word partner.

Guest101

first78 wrote: »

It shouldn't matter what the gender of my spouse is...that is why I use the word partner.

Gender isn't what I was getting at, not entirely sure why your being sensitive about it.


'partners' have no legal relationship, married people do, at least use spouse.