Keeping house & mortgage during divorce

E

Edenbridge146

Registered User
Messages
12
Hi folks
Looking for advice
Myself and husband are 50 and 70 this year however we both have lived separately since 2014. I am looking for a divorce now as I have met someone else.
We both live in the family home with a mortgage of €51,000 - fixed on 3% for 5 years and the mortgage will be paid in full in 6 years. House value is 600k.

The house has a 'granny flat' attached to the family home which is currently rented out
This rent recieved qualifies under Rent a room relief of a tax free income of €10,000 annuallly which goes directly to the mortgage account so effectively we both live in the house mortgage free

Two children from the marriage - first child aged 23 - finishes 3rd level this month
second child aged 20 - just started 3rd level with another 3 years to do

Due to husbands age - we are both reluctant to sell the family home
Its big enough - with 6 bedrooms to accommodate us all - and a future home for 'children' in light of the housing crisis etc
We get along very well and its very amicable

Is it possible to remain as joint owners or joint tenants on the family home as part of the Divorce process ?
We both want to keep the family home and to ensure that our half of the family home goes directly to the children but a home for the ex for his lifetime - so seriously considering joint tenant but will this impact my future capacity in getting a future mortgage with my new partner ?

I will be moving abroad for a 3 year work contract and visit home monthly and want to tie up all the 'loose ends' before i leave and not seen to be 'walking out' of the family home

Appreciate its not the 'normal' divorce but just want to avoid any unneccessary legal bills and its very amicable
 
Edenbridge146 said:
impact my future capacity in getting a future mortgage with my new partner ?

I will be moving abroad for a 3 year work contract
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It might be helpful if you could outline the following:
  • Do you intend to buy property with your future husband? If so, before marriage or after? Will you definitely need a mortgage?
  • Are you going to live in Ireland or abroad with future husband?
  • Do you ever imagine you or current husband ever living in the granny flat and the other in the house?
 
Thank you for your reply

  1. Yes i do intend to buy a property with future partner - this will be once we are married to each other and as we both have €100k each in savings - we will need a mortage in the future albeit a small one
  2. I will live in Ireland once current work contract of 3 years is up
  3. I don't envisage current husband living in the granny flat as he has spinal difficulties and uses a wheelchair part time - where as the granny flat wouldn't have the space with current layout
 
Edenbridge146 said:
this will be once we are married to each other and as we both have €100k each in savings - we will need a mortage in the future albeit a small one
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Thanks for clarifying. Don't forget your savings will probably be relevant in the context of any divorce settlement.

Otherwise I have very little knowledge of family law so I hope someone else can better advise but the more information you supply the better the advice tends to be. My guess is that keeping a property when divorced with a right of residence will already be complicated, and keeping a mortgage even more complicated so I suspect if you have savings it makes sense to pay off the mortgage asap.
 
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