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History: Home UK Divorce Forum
Topic:
Advice re House and Finances (7 Posts)
Started By:
Date:
09 January, 2018 12:18PM
Advice re House and Finances
MichaelMcNivern82 - 09 January, 2018 12:18PM
Hi Everyone,

I've been married for 4 years (5 in June) but the relationship with my wife has irretrievably broken down.

We've both agreed that we want to divorce.

  • We have a daughter aged 4
  • I have a good income, circa £120k. She has been a stay-at-home mum since our daughter was born.
  • I own a house in my name only that is probably in negative equity. It's currently a building-site, mid-renovation.
  • We have large debts, most of which were due to funding the house renovations (it's a very large property) but much was also due to her frivolous spending on my credit cards. Around 80k of the debt is in my name and 20k in her name.
  • We are relatively amicable and have agreed to not limiting each other's access to our daughter.

What are the possible outcomes with regards to the house and the debt?

Obviously I would like to avoid a situation where she claims the marital home and I'm stuck paying for it.

Thanks for your help.
Re: Advice re House and Finances
davidterry - 09 January, 2018 03:01PM
>>Obviously I would like to avoid a situation where she claims the marital home and I'm stuck paying for it.

That might be difficult to avoid unless you both agree to sell it. Although it is a large property and therefore presumably in excess of her reasonable accommodation needs the problem you face is where your wife and child are going to live if the house is sold. If you can solve that problem you are in the clear but that is the issue.
Re: Advice re House and Finances
HatMan - 09 January, 2018 03:04PM
Well...as you only have debt to share rather than assets as the house is in negative equity there doesn't seem to be a lot of point debating who gets what asset.

You will need to provide enough financial support to enable your STBX and child to live reasonably. I can't imagine there is any prospect of her remaining in the house as that seems entirely unaffordable from what you say - so I guess you sell the house for whatever you can - fund her through maintenance and child support and get on with your life, the debts will have to be apportioned fairly too, so you will get most of that as you are the only earner.

NB - This is the opinion of a layman not a solicitor!
Re: Advice re House and Finances
MichaelMcNivern82 - 09 January, 2018 03:22PM
Thanks both.

Presumably I'll be expected to pay child maintenance + some kind of spousal payments to support her standard of living?

Do you have any insight on how bankruptcy could affect things?

If I'm expected to take on the debts and pay for the marital house, while paying for somewhere else for me to live, the finances just don't add up.
Re: Advice re House and Finances
HatMan - 09 January, 2018 03:27PM
Not an expert on bankruptcy but it would potentially be a means of 'losing' the debt I suppose, you haven't said if the house is in joint names...I assume it is and that the mortgage is joint although you pay it? Anyway i would surmise that the upside would be freeing yourselves from a lot of debt but the downside would be that you would be tainted as far as credit is concerned. Obviously you would still have to pay maintenance etc.
Re: Advice re House and Finances
MichaelMcNivern82 - 09 January, 2018 03:30PM
Thanks, the house is just in my name.

No problem paying maintenance to support my child. I'd rather get full-time residency but I understand that is next-to-impossible to achieve for the father.
Re: Advice re House and Finances
davidterry - 09 January, 2018 05:42PM
>>No problem paying maintenance to support my child.

Ahem. You earn circa £120K and your wife is a stay at home mum. This is a spousal maintenance case.
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