Husband stays in family home with 1 of 4 children

Hi

I am sure the answer's in this great website somewhere but so are conflicting pieces of advice..! SO much info!

Of 4 children, 3 now live away (uni), 1 is at home. If husband stays in the marital hom with the youngest (12) and wife is happy to do this and move out, provided the proper financial arrangements are made after a 24-year marriage, what should they do to facilitate? They know of Consent Order and that a court could put a charge on the house when youngest reaches 18, for eaxmple, but how would wife survive without proceeds of house sale?

Factors: Husband is a high-earner, house is of significant value & virtually mortgage-free (amount outstanding, not paid off although have the cash, a large lump sum, banked and could do, been advised to do this by IFA).

Wife has not worked for a long time as has brought up the family and managed the household and is not trained (and too old). Husband and wife wish for an amicable and fair split. Wife is able to go and live with a friend for the foreseeable future but would need to pay rent.

all advice appreciated!

thankyou

All help and advice

2 options immediately spring to mind:

(1) House transferred to husband subject to mortgage, H simultaneouly remortgages in order to raise lump sum to buy wife's interest in the property. As H is a high earner and the house has significant equity, it is likely that he would be able to raise a lump sum even if realisticly it may mean selling the hosue (once Dau. leave school) in orde to clear the mortgage. W has lump sum immediately, allowing her to buy a property either outright or with a small mortgage.

(2) House remains in joint names with consent order and trust deed clearly setting out when the hosue is to be sold, how the proceeds will then be split and the responsibility each party has in relation to maintaining, insuring etc the property. H pays W maintenace at an appropriate level taking into consideration her income needs, bearing in mind that this will need to take into account not only rent but other outgoings and the respective incomes of the two parties.

It is likely that, as H is the higher earner and will continue to have higher earnign capacity, it will be appropraite for Wife to have either more than 50% of the capital whenever this is ultimately split OR ongoing maintenance (even after the capital is divided)