Re:What should I aim for?

Hi,
I am going into 2nd Directions hearing next week, I could do with some advice on what I should be aiming for in the following situation. My ex has not played ball all along and now I am having to self rep to try and get some decisions made.


My age 37, hers 37
3 x children 4 + 4 + 7
My income £40k
hers - was £9k but she lost her job 6 months ago after being found guilty of common assault, she gets benefits etc.
House equity approx £180k. She is in house with kids
I have the kids 2 nights a week
Pensions about £10k each
Cars - one each, no value of note
savings - I have £5k that I inherited after divorce
debts - about £10k of joint debt for a kitchen in the FMH

I currently pay the mortgage, life assurance, etc, and child maintenance.

any advice appreciated

daddy0

The first question would be whether the FMH is larger than her needs ... or if it could be changed for a cheaper property of the appropriate size - with a small or no mortgage. What is the size of the mortgage now?

The thing is, as things stand, she and the children need housing - as do you. But she has no significant income and could not therefore take on a mortgage to buy you out of the property.

It may well be that the appropriate course of action here is a Mesher type order where she retains use of the equity until a trigger point is reached. SM may be needed to pay the mortgage - but you would be well advised to put it on an interest only footing. Unfortunately this kind of arrangement where you have to stay on the mortgage can affect your ability to get another mortgage .

This might help explain it better:

http://www.wikivorce.com/divorce/Divorce-Advice/Property-and- Mortgages/233596-Who-gets-the- house.html

Hadenoughnow

thanks it is a 5 bed house, but still needs renovation etc and has high maintenance costs.

Mortgage is £110k, value approx £285k.

If there is a way to house her and the children more cost effectively then a court would usually want this to happen.

The house is too large for her needs ... strict need would be a 3-4 bed property depending on the genders of the children but that also applies to you .... although the parent with care is given priority if there is not enough cash to house you both.

The house would be valued as it is now ... sp make sure that is the value you are using and not what you would hope to get after improvements.

You could see if she would agree to the improvements being completed before any sale if that would materially affect the amount you would get for the property.

Even if a new property is bought with the equity of the FMH you can still retain a share of it under a mesher type order (do a site search for more info on these).

You do need to know what her total income is - inc all benefits and CM ... you may well find that it is pretty much the same as your net income less the CM etc ...

Hadenoughnow