money

Have a £200,000 house with £40,000 left on the mortgage. Three kids aged 5,9, and 13 and £50,000 savings. What can I hope to keep if wife stays in house? Wife on benefits and training. Me, self employed on £22,000K.

I see you haven't had a reply, so I will try.

The Court's main objective is to make sure the children have a roof over their heads.

This often has the result that the wife has the right to stay in the former marital home until the youngest child reaches 18. The husband does not lose all his interest in the house but may have to wait many years before he can realise it.

This is a solution only if the wife can afford to live in he former marital home with the aid of such resources as she has or could reasonably hope to acquire.

Sale and division of the proceeds is sometimes possible, but it doesn't look likely in your case as there are not enough resources.

But you must have somewhere to live and usually this means that the husband has little choice but to rent.

You will have to pay child maintenance in accordance with the statutory formula.

Both of you need an income to live on. Your wife should have a review of her benefits after separation. Another consideration t o bear in mind is that if your wife gets a capital sum, it could affect her benefit entitlement. It's important in cases like this that the former spouses maximise any entitlement to benefits.

An appointment with a CAB will cost you nothing and would be worth having.

LMM