Hi, Recently divorced but still living under the same roof at the moment. Can''t get the joint mortgage in my name as I''m on low income, but Consent Order said house would be mine once I can take it on financially so it will be a few years yet. My question is - what happens regarding the mortgage if ex-husband dies as we are now divorced?
At the time of taking out the mortgage we both had separate policies for the mortgage to be paid if we died - but does that still stand now we are divorced?
Also, without his child maintenance payments there is no way that I could pay the mortgage on my military pension and I have 3 children under 6 to look after.
Obviously I hope he does live a long life, but worst case scenario - is there anything that I can do to protect myself and the children?
Suggest that you take out a life insurance policy on ex, premiums paid by you as benifiary - would need his agreement. No one ever mentions this on this site when spousal maintenance is discussed - something that should be included in a Consent Order in my opinion. My ex refused to give his authority - only discovered the need aftr our consent order was agreed. Solicitor did not recommend this although charged the earth.
What would happen is that you would own the house and the mortgage. If he has assets then you might be able to claim against them or contest the will if he does not make adequate provision for you to cover loss of maintenance. If he has no other assets then you''ll be solely responsible for the house and mortgage. If you can''t afford to pay then it''ll get repossessed.