Hi there. My husband moved out 6 months ago. He has paid the mortgage and bills while I found my feet, I had been a stay at home mom supporting him in his career. I am now able to pay the bills. husband wants me to agree on releasing 20,000 equity from the home so he can get another mortgage.
I don't really understand mortgages and risks ect. So my main concern is that during our marriage he got is into financial difficulties quite often, and covered them with lies until I would find out. So I am worried that if I agree to give him 20,000 that he won't pay the mortgages, or might use the new mortgage to borrow more money.....would I be at risk of losing my home that I have agreed to sell in 4 years when our child is 18, if I agree to giving him the 20,000.
I cannot trust him, he has a mental health illness that causes highs and lows and he can become very extravagant in those moments.
Any advice, or who would be the best people to ask will be greatly received
Thanks for replying. In mediation he hasn't talked about taking his name off the mortgage. I only started my job 3 weeks ago, and it's only 24 hours a week, so I would be surprised if the mortgage company would let me take it on. The house is valued at 250,000 and we owe 78,000 on it. What he wants me to do is agree to using the equity in the house and give him 20,000.
due to how he has handled money in the past I am very reluctant to agree to this. I am much happier to wait for the 4 years to end and then decide who gets what percentage. I will be earning 950.00 a month topped up by 300 from benefits. His bring home pay is approx 2700. So I feel he can rent , and when the house gets split he gets the percentage extra of when he has paid since we separated. I just don't want to be forced into a vulnerable position financially.
You really need a legally binding order setting out financial arrangements. This would also separate your financial affairs.
It is not unreasonable for him to have funds now so you can have a Clean Break. I would not agree to hand over anything without an order though.
Whether this is possible would depend on the options for raising the money, one of which would be to sell the house and move somewhere cheaper. A court can order immediate sale if that is a clear way of sorting this out.