I am so worried now about what is going to happen with my living arrangements, as my husband has moved out and I am still in the house, I have filed for the divorce and I have 3 children, will we be entitled to stay in the house. I have a very low income and my husband works in London and has a very high income and he is threatening me and saying that I should leave the house and that he should move in as he said that he can afford it.
As a starting point it would be helpful if you could post up more details such as
1. Length of marriage
2. Ages and number of children
3. Approx value of house and outstanding mortgage.
4. Savings in any name
5. Type of mortgage and when it will be repaid and the repayment method - i.e capital and repayment or interest only and any endowment
6. Pension in any name
7. Any other loans or debts in either name
We have been together for 15 years and married 18 months ago. My children are 12, 10 and 5, the house is worth about 430k and we owe about 185k. We each have an ISA of 17k each. I have one pension with the NHS and my husband has several pensions. He earns 65k a year and I earn 8k. We have a joint bank account with a thousand pound overdraft. The mortgage is interest paying only, which needs to change if we are going to pay off the mortgage.
Usual legal advice is not to move out of the former matrimonial home until the arrangements for children and finances have been decided. If you haven''t already done so it''s worth checking out what state help you are entitled to and if possible considering increasing your working hours to maximise your income.
The priority with divorce settlements is the welfare of children, in particular meeting their housing needs. So a good starting point is to consider how everyone is to be housed and research local property house prices and both parties mortgage raising capacity. If you can downsize the former matrimonial home may need to be sold to release equity so that both spouses have a deposit to put down on new properties. Alternatively your husband could buy you out of your share.
You won''t be able to raise much of a mortgage, if any, and that along with the fact the children live with you justifies a larger share of the liquid assets in your favour. Also your ex may need to be on the mortgage until you can afford to release him.