Hi Clare we spoke last week on a different subject. I am 43 and Tracy the ex is 41, assets not much just basic house appliances and furniture. I am self employed and my income is about £15,000. I forgot to mention the debts, they total about £30,000 of which about £20,000 is just in my name although they were accumalated together and the other £10,000 are joint names on loans.
Okay that sounds fair enough, but what would happen if she decided to sell the house next year, what would i get? also if she couldn't keep up the repayments and there was a chance of it being reposed I would then be responsible for the repayments could i then force the sale or move back in?
What would the agreed percentage be likely to be? considering the debts. Shouldn't these debts be paid off first with the equity?
Sorry i'm a bit confused, "that the house is sold as part of the divorce " if we sold the house before the divorce would things still be the same?
Also do you mean all debts WILL be paid off then the remaining equity would be split 60/40
Hi, are you saying if she remains in the house until my youngest is 18 the house would be split 60/40 and i would have to keep paying all the debts?
Sorry i am getting a bit confused here. The main thing i want is the debts paid off.
Okay, lets say the house is sold when my youngest is 18 and the house is split 50/50 and there was still £20,000 owing on the debts. Would that £20.000 still be my responsibility even though some would be in joint names?
Sorry i'm not getting this, if £20,000 debt is left after the house is sold who pays it ? me / her / or from the equity?
Thanks I think i'm getting there now.
So to recap - If the house is sold before my youngest is 18 the debts would be paid off from the equity and the remainder would be spit 60/40 ?
If the house was sold after my youngest is 18 i could push for 50/50 and pay off any outstanding debts?
Thanks makes sense now, could i get divorced with out putting any finances in place or would you not advise that?
Also does this mean i just have to sit tight until my youngest is 18 if she wont agree to sell? and then can i force sale when he is 18?
Hi Clare, thank you for your help so far. If i decide to go for the divorce and put 1 of the financial options in place, how would i go about it ? And could you give me rough idea of how much you think it might cost me or us?
I spoke to somebody about mediation and they said it would cost about £600 plus about £450 to the court for the divorce. So just over £1,000. I wouldn't get legal aid and i don't have £1,000 to spare!
What can i do?
Thank you for all your help here almost done, through the divorce proceedings could my ex try and change the children's surname and her own back to her maiden name? And if so can i stop it in any way?
Hi, you say i could force the house up for sale if in danger of being reposed.
At what stage could i do this ie how far behind would she have to get with the repayments?
Just one last question please, if she was to meet someone new and he moved in with her and my children in to my house what would this mean? Can she do that and would he have to pay me rent?
And how would i force the sale, through a solicitor ? And what if she starts being awkward ?
Sorry just thought of another question, you say i can force the sale when my youngest is 18. That would be in about 12 years, in that time if she keeps up repayments on the mortgage she would have paid off about an extra £50,000 off the mortgage.
would i be entitled to this extra equity too if the split is 50/50 ?
Also we have a flexible mortgage so if we have paid off say £5,000 we can draw it back out. Would i be able to stop her withdrawing any money out within this 12 years?
Hi, So if this extra money from her repayments was not agreed would i just be entitled to the 50/50 split of the value of the house when the agreement was made or extra if the value of the property was to rise in that 12 years?
Iv'e decided to go bankrupt.
Can you tell me what will happen ? i'm a self employed driving instructor. And what will happen to the house the kids and the ex.
Ok thanks, what about the joint debts, and can i still keep working self employed?
Thank you, Sorry last question, will my name be taken off the mortgage ?
Hi, just a quick question, me ex wife that still lives in my house with my children has a new boyfriend, can i stop him going into my house?