Hi, a little help needed please. Basically my husband and I have been seperated 5 months and he has just given me the option of buying him out. Our house is worth approx 160k, he is saying he only wants 40k. We owe around 18k on mortgage which finishes in 5 years. I only work part time and earn around 8k, I cannot afford to take a mortgage out (Im nearly 50!).
My husbands pension pot is about 114k (as of Nov 2011), my question is would it make more sense to waive my right to half his pension in the future and tell him I will keep the house. Any suggestions would be grateful. Thanks.
Will the mortgage company allow you to take over the existing mortgage?
The experts on here would need more information to advise whether this is a good deal for you, including his age and earnings as well as how long you have been married and if there are any other assets. Also if either of you are, or intend to co-habit in the near future.
Could it be that his proposal is already taking into account the pension?
Hi, he is nearly 49 and earns around 30k. We have been married 22 years and there are no other assets. He is renting with his girlfriend and I live with our children (20 & 17). He is currently paying majority of the bills inc mortgage. He has made no mention of his pension, thought I would wait until I had some advice until I brought it up!
Are the children working or is the younger one still in full time education? Can you work full time to increase your income?
I found the most useful thing to do was a monthly expense schedule to see what I would need each month. It''s all well and good aiming to get the house but not if you can''t afford the mortgage and utilities etc.
The way we worked it out was to start at 50/50 on the house equity and then work out what extra lump sum he needed to pay me in lieu of Spousal Maintanance and pension sharing. His earnings and pension pot both being greater than mine. Your husband''s salary means that he can possibly build his pension pot up again, to a degree, and his living costs are less than yours because he is co-habiting.
What about you both voluntarily completing form E so that you can see the complete picture, and then go for some legal advice. Many solicitors offer a free half hour but it''s best to go prepared with as detailed financial information as possible.
He pays £700 per month which covers some bills and the mortgage. He gives my youngest £5 per week! My wages cover the rest of the bills, credit cards and supporting my daughter. Due to the nature of my job part time is the only option at the moment. My eldest is currently working on a temporary contract and the youngest is on a training course.
Not sure why he only wants 40K (maybe guilt) but he seems to want it sooner rather than later. Things are amicable at the moment and neither want to go down the solicitor route just yet. Do you think its wise for me to say to him I''ll waive the right to half of his pension in return for the house just yet?
Whatever you agree you will need it formalised in the form of a Consent Order or either of you could come back for more at a later date.
How can you manage without the £700 a month and having to find £40k to pay him off? I don''t understand how it will work unless you can sell the house and downsize. You need to think carefully about your long term financial needs.
I personally don''t think it''s wise to agree to anything without financial disclosure and proper legal advice.