Hi Clare - thank you for your attention on this matter. Our house is on the market for £895.995. The out standing mortgage is £400.000.
He has cashed in our assets worth £80.000 and has allocated this money to paying his outstanding VAT bill of £46.000 and to finish off an extension to our house. Neither of which have been done yet. The VAT have threatened bankruptcy so he wants to fight it or become bankrupt for the whole £50.000 he said.
We own a hairdressing salon and it is in my name only and it is my work place and only source of income. I had a" buy to rent mortgage" on a flat that my husband owned and this enabled us to buy the salon. On the sale of the flat the mortgage was paid off.
The salon is worth around £95.000 and my business within it could be worth £25.000 / £30.000 ? My income is around £12.000 pa.
My husband works from home selling cars and last year he boasted he had cars worth £85.000. Now we are separating he says his cars are worth £20.000 - and says business has been bad. I estimate he earns on average at least £24.000 pa.
During our marriage he paid all the household bills and I paid for all the groceries, provided for our 3 children and apart from the 3 piece suite and our bed I paid for all the furnishings in the house. Our house is our major asset..alot of our furniture is second hand or very old now. Minimal assets are within the house.
He said he now wants paying for a car that I use and payment for living expenses at home now that we are separating so I've given him a car number plate (that was a gift from him 13 years ago, now possibly worth £5000 approx) to cover this. I still provide the groceries for us and this costs around £100 per week.
Our children have all left home now and are financially independent.
I proposed that I have half the house and the salon and he has half the house and his cars.
But my main question again is, is my positioned weakened or threatened if I leave the marital home before its sale? And, could he easily prolong or avoid the process of it's sale. What are the pitfalls? Long term I know I will struggle to rent.
thank you again for your help. J