Rough idea of what’s to come ?

So I've filed for a divorce and my ex has agreed to it , here's the basics just wondering what I'm more than likely looking at happening !

I earn £50k a year
ex earns £12k a year
neither of us have any savings
we have a mortgaged house with £100k equity ,we have two children aged 11 &14 , I am currently paying half the mortage which I pay £610 and £662 in child maintence ,after my bills go out I'm left with £1000, I am living with parents as I can't afford to rent anywhere and pay bills etc with this amount of money !
what is the likely outcome of this divorce
1.ex gets to stay in house while I pay 50% of mortage until youngest is 18 and still can't rent anywhere of my own to have my kids stay .

2.sell the house , ex uses equity to rent until money runs out then gets benefits ?

3. something else ?
any help would be appreciated

Welcome to Wikivorce but sorry you find yourself here. Have a good read of the information on this site before making any proposals!

How big is the FMH? What's the cost of a suitable property to meet housing needs??

What are the intended arrangements for the children? Would you want to share care equally?

The priority in any settlement is secure and stable housing for minor children until they become adults.

Can your ex increase her earnings at all? Has she maximised claims for benefits?

Can you extend the mortgage to make it more manageable? Would you be able to take on the whole mortgage?

Would it make sense for her to rent (with UC support) and for you to stay in the FMH and pay the whole mortgage? The property could be sold at a future date and the proceeds split then. This could at least keep you on the housing ladder.

Hadenoughnow

Hi family home is a 3 bed terraced , worth £330k with a mortage or £225k left and 25 years remaining ,the average rent for a 3 bed where we are based is £1600pcm to rent ,I currently have my kids 2 days a week but due to living at parents unable to have them overnight , but would ideally like them 2/3 nights a week minimum due to my shift work it’s hard to have them 50/50 as I work nights ,my ex could possibly increase earnings but not sure she is interested in doing so currently , realistically I can’t afford to continue paying mortgage and renting somewhere else , so I’m stuck !
Thanks again for your help
John

Any help would be appreciated

Hmm. I am afraid you are finding out the hard way that dividing one two income households into 2 single income households is not easy.

I cannot see that it is affordable for your ex to stay in the FMH. Are there suitable properties that cost less than the FMH, maybe shared ownership?

I think she is going to have to maximise her income by working more and/or making sure she's claiming benefits. Your only obligation will be child maintenance.

The mortgage is clearly unsustainable unless you are living in the property (ie not paying rent elsewhere) and even then may not be. If this was workable you could have an arrangement that gives her a share of the equity in future.

If the FMH was sold and she rented a property with support from UC, would you be in a position to buy a modest property if you had enough for a deposit?

Hadenoughnow

I’m currently paying a friend £500 a month for food and bills and but if rent buy he doesn’t exactly want me there forever , my ex works 25hours a week at a school, and could get another or higher paid job as our children are 14 and 12 , I won’t be able to buy anywhere as I can’t see me getting much if any equity from the house , would it be easier or possible to just take my name off of the mortgage ? Even though I don’t think my ex can afford to pay my half ?

It’s a misconception that you are each responsible for half a joint mortgage. You’re both liable for the full amount and the lender can chase either or both of you for full payment.

It is highly unlikely that the lender will allow you to come off the mortgage and transfer it solely to your ex. It increases their risk and means they can’t chase you.

Your ex will be expected to maximise her income. Given the ages of the children she could work full time.