Can you advise me on what my chances are of keeping the house in the financial settlement please? I am in the FMH with our 2 children ages 4 and 5. My husband wants to sell the house to get his equity out but i want to stay in the house.
We need a lot more information to answer that question.
1. Your respective ages
2. Your respective incomes including any benefits
3. House value and outstanding mortgage amount, and where you each live currently
4. Your respective pensions CETV
5. Any other assets such as savings, shares, cars etc
6. Any debts and liabilities such as credit cards, loans, whose name are they in and what were they for
Can you afford to live in the house, paying all mortgage and bills, yourself? Remember you will get child maintenance whatever happens so that is 20% of £30k, about £350-400 a month.
If so then I would tell him that if he gives you the house, you will not chase him for spousal maintenance or a pension share, and you each keep your debts. If he has any sense he''ll say yes to that offer, I doubt he''ll get a better one.
Thanks for your replies. Yes i am currently paying all of the bills and £125 of the mortgage. he is paying £440 of the mortgage which is effectively the child maintenance that he''s been told he needs to pay. So he''s probably on more than £30k p.a. if it''s 20% of net income. My solicitor has advised that we can use the pension as a bargaining tool as you suggest, plus the spousal maintenance.
Cockers, I''m afraid I disagree with the above. Your net monthly income, once your cm and tax credits are included, will be in the region of £2k. Your husbands, once he has paid cm, will probably be slightly less than£1500 net. There is no way he would be expected to pay sm in those circumstances and that is what his sol will be advising him. Given your ages, pensions will not hold as much importance as you might think either as there is still lots of time to build them up.
However, I do think you will get to stay in the house if you can manage the payments and it is not larger than you need. But I would expect this to be a case of you having to buy out your ex''s share or taking on a mesher order (where you promise to pay him his share once the children reach 18), or you get the house but take on his debt.
As you have a fairly healthy income, I cannot see you getting the house and him getting nothing except debt and a pension that is some 28 years away as a fair outcome.