My husband and I are are both 60. We separated 18 months ago and I have supported myself since then, including paying all the bills plus mortgage. He supports our 17 year old son.
My husband takes home £2000pcm and I take home £850pcm.
He lives in a flat that has £70,000 equity and I am in the marital home that has £170,000 equity.
He has a pension worth £420,000 and I do not have one.
He wants to have his name removed from the mortgage and I am currently investigating converting the mortgage to a ''let to buy'' so that I can stay in the property.
We have no other debts.
I have the beginnings of arthritis (painful joints) and he has type II diabetes and has had 3 stents put in. Otherwise we are both fit.
Any ideas would be welcome as to what would be a fair settlement.
HMMM, let''s see.
First question, am I right in assuming your son lives with you ?
Second question, you say your husband lives in a flat with £70K equity. Am I to take it then that he is the owner of this flat ?
Third question - your son is 18 and will probably fly the nest sooner or later. If that happens is the marital home likely to be too large just for you and would downsizing at that time be more sensible ?
Immediate thought is that you will probably have the right to stay in the house for the time being, but for how long, and what happens after that, I am less sure. Sooner or later, I feel you will need to sell and buy something smaller.
The other obvious consideration is his pension, and with a long marriage then you clearly have a claim on that, but I don''t like to talk about pensions except in general terms.