Divorce advice

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Citygate

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Hello everyone. I am writing to ask advice on upcoming divorce.
1 dependent child of 14 and older child finished colleg.
Basically 2 property are involved both with pepper.
Rented house worth approx 250k approxaimetely 60 k remaining on mortgage due to finish in 9 years.
Family home interest only mortgage with pepper outstanding mortgage of 240 k finish date 9 years house value approxaimetely 500k.
I am.trying to decide best way forward in a fair settlement.
My ex spouse earns approx 45000 pa. I earn approx 80k per annum. I work in the public sector and my ex spouse works on private sector has a private pension. I am aged 45 he is 50.
Shoulfd i consider a buyout of family home and remortgagingg
and offering spouse rental property.
Other option is remain in family home and sell both properties in the future.
My ex is currently renting a small property.
Many thanks
 
Oh absolutely we tried mediation he would not continue it unfortunately. We are applying for pension adjustments orders and maintenance etc. Family home is a major issue as it is on his families land. Its a joint mortgage on jointly owned site.
 
The best advice, and this is free advice, is to settle.

Have you decided what it is you want. Do you know what it is your ex wants?

What is the plan on paying down the 250K on interest only in 9 years when you both will be 55 and 60?
 
Citygate said:
Oh absolutely we tried mediation he would not continue it unfortunately. We are applying for pension adjustments orders and maintenance etc. Family home is a major issue as it is on his families land. Its a joint mortgage on jointly owned site.
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That's a very important detail you left out of the OP. That's always a tricky one. With a lot of emotion involved
 
Citygate said:
Hello everyone. I am writing to ask advice on upcoming divorce.
1 dependent child of 14 and older child finished colleg.
Basically 2 property are involved both with pepper.
Rented house worth approx 250k approxaimetely 60 k remaining on mortgage due to finish in 9 years.
Family home interest only mortgage with pepper outstanding mortgage of 240 k finish date 9 years house value approxaimetely 500k.
I am.trying to decide best way forward in a fair settlement.
My ex spouse earns approx 45000 pa. I earn approx 80k per annum. I work in the public sector and my ex spouse works on private sector has a private pension. I am aged 45 he is 50.
Shoulfd i consider a buyout of family home and remortgagingg
and offering spouse rental property.
Other option is remain in family home and sell both properties in the future.
My ex is currently renting a small property.
Many thanks
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Could you not take the rental property ?
 
Messy, very messy with the evidence here I'd advise you to settle fast but know what you want when settling; This is only my opinion and I have no legal qualifications.
 
Thank you.i would be hoping to remortgage family home in my name with another provider if possible.
My solicitor feels if we cannot agree judge could rule I and children stay in family home until youngest finishes education and my ex can live other house and both houses sold in future. It is very complex.
 
Citygate said:
Hello everyone. I am writing to ask advice on upcoming divorce.
1 dependent child of 14 and older child finished college.
Click to expand...
Did you purchase the land that the family home was built on or was it a gift?

Where will the dependent child live?

If custody and time will be shared I suggest that it would be far cleaner and avoid a world of stress later on for you to take the rental property.
 
Seems to me that your ex will ultimately decide whether he accepts to take ownership of the other house as part of the settlement or he prefers to hold out for the second option that you and children stay in family home until youngest finishes education and both houses sold in future. Otherwise as you state above a judge would probably rule with the second option. Best of luck in your divorce. You both have other things to agree as well such a custody arrangements, maintenance if applicable and pension adjustment orders.
 
Is your current family home on the family land owned by you and the ex? Would your in-laws be petty if you and their grand children continued to live there?

Between both houses you both have equity of €450K, so €225K each. What if you offered him the rental house with the 60K mortgage plus €35K cash (190K equity plus 35 being 225K) and you take the family home, equity of 260K plus the 240K mortgage. Then you take out a mortgage for the 240K in your own name.

That would be a very generous offer on your part but is just about affordable for you and you get the house clear of the risk of selling it off in 10 years time. Plus you could sell whenever you want. Your ex also gets a house with a small mortgage - €25K if he used the lump sum you offer.

It is just another option to consider. If you sold both houses now you would have €225K each to buy a new home.

If ye do sell the house on the family land then any stranger might end up living there.
 
I have not fully decided what I want as family home is very near child's school and sports activities etc.. the children live with me my eldest has no contact with my spouse.

Also with the way the housing market is a financial advisor feels sale of both houses could be worst outcome for us.

Plan years ago was sale of rental to pay balance on family home. This divorce involved domestic violence towards me and my oldest child so that's the reason of moving etc could be causing move trauma to my children.

I do not think he is in a position to buy me out of family home. The site was gifted. The site and 2 mortgates are in joint names.But my parents paid a significant amount if money to furnish, floor tile and paint home etc. I get the impression my ex does not want family home sold. If he s not in a position for buyout this is even more difficult for us. He pays maintenance and sees the younger child twice a month. We are applying for pension adjustment orders.
 
Clambell thats what financial advisor advised buyout and sum to ex hopefully i can do this. In laws are difficult but not bothering us for last 2 years. Its a major decision very hard to decide. As kids are happy here near their friends and school etc. I am concerned re moving them.
Clamball said:
Is your current family home on the family land owned by you and the ex? Would your in-laws be petty if you and their grand children continued to live there?

Between both houses you both have equity of €450K, so €225K each. What if you offered him the rental house with the 60K mortgage plus €35K cash (190K equity plus 35 being 225K) and you take the family home, equity of 260K plus the 240K mortgage. Then you take out a mortgage for the 240K in your own name.

That would be a very generous offer on your part but is just about affordable for you and you get the house clear of the risk of selling it off in 10 years time. Plus you could sell whenever you want. Your ex also gets a house with a small mortgage - €25K if he used the lump sum you offer.

It is just another option to consider. If you sold both houses now you would have €225K each to buy a new home.

If ye do sell the house on the family land then any stranger might end up living there.
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Citygate said:
Thank you.i would be hoping to remortgage family home in my name with another provider if possible.
My solicitor feels if we cannot agree judge could rule I and children stay in family home until youngest finishes education and my ex can live other house and both houses sold in future. It is very complex.
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Does you solicitor feel this or does your solicitor feed what you would like?

I see a financial advisor is on board as well, so more costs.

It's not complex unless you want it to be. And yes there are two sides to every divorce battle, but it doesn't have to be a battle.

The eldest child does not come into this as they will soon be gone. In any case they are an adult. The 14 year old has to live in a stable environment and needs to be taken care of for 4 years schooling and 4 years college.

Three questions ......

What did the financial advisor propose?

What exactly did your solicitor propose?

What do you want?

If you put that up you will get more meaningful replies.
 
The financial advisor advised that sale of both houses not a good idea with current market housing shortage rental shortage. He advised me to try and take on family mortgage if possible and pay lump sum to my ex. My solicitor feels keep 1 house atm or else get mortgage approval and make settlement with ex if he can buy me out to leave family home when I have another house bought.
I really don't know what I want its down to affordability too.
This house is very convenient for my family school and work. I think a buy out or a settlement staying here another 10 years and remaining financially involved with my ex could be akward and facing selling at 55 is very daunting.
I would not be keen on living in rental property my plan would be one move only hopefully.
Up to recently my plan was leave family home but as its coming nearer I am worried as its veey convenient for my family and the housing market is mad atm.
 
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Citygate said:
I really don't know what I want its down to affordability too.
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It is very difficult to rent, there is no doubt about that. Selling and buying will also eat into cash. To say nothing of the stress.

What did you think about what Clambell proposed?

You keep saying you don't know what you want. Nobody can deal with that. What efforts have you made to see if you could take on a mortgage?

What does your ex want?

You should not keep financially tied to your ex, that's way too messy. The family home sounds ideal, location, stability, family, schools. You've a high salary, 80K, so a mortgage of 240K should be doable. With equity of 280K. You might even be able to get the 35K cash added in to give to your ex. And get a total mortgage of 275K over 20 years as you are aged 45.

A 4% mortgage on 275K over 20 tears us about €1600 a month.

Instead of your ex spending money on rent, he moves into the rental and rents out one or two rooms under rent a room giving him an extra rental income.

The longer you prevaricate the more it is costing both of you.
 
Keep the family home if it has resale value, ie other people will want to buy in the location when the time comes. You keep mentioning how convenient it is and it’s better for the kids to stay home. The parents on law seem fine. Good luck
 
You sound as if you have decision paralysis but that is probably because you are trying to predict the future.

However for the next 5-8 years it seems the best option that you fully financially separate from you ex, giving him the rental plus a lump sum, taking ownership of the family home and taking on a new mortgage, costing you about €1600 per month. No one comes out of a divorce a winner, or financially better off. But it is worth the cost to you to be free of your ex totally. In 8 years time when your youngest is through secondary and college you can decide yourself without any worry about the ex or the in-laws what you want to do with the house, sell or keep. The offer is equitable and affordable for the ex, so he will probably be advised to take it.
 
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