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I've separated from my wife, and am confused about what to do with the house.

Posted on 3 April 2013 by Jerrod


My wife and I have separated and we have a joint mortgage. I have moved out but she wants to keep in the house for the kids sake and is talking about moving her new man in. My problem is we both dont want to sell at the moment for financial reasons and I cant buy her out and she cant buy me out.

I am confused in my options as I see it:-

a) If she has a new man in the house could I then charge him rent for my half of the mortgage OR if she takes over paying and get him to contribute (but not take my name off the mortgage) then would I still be 50% owner when we come to sell in 12 years.

b) Could I get another property with the original property as guarantee etc, and if so would she be entitled to 50% of that property as well?

I am so confused as I dont know of any other options and have found no examples of people in the same situation as me so any other scenarios would be greatly appreciated.

Jerrod,

This a very complicated case, which doesn't have any easy answers. As the mortgage is in joint names then you and your wife are "jointly and severally resonsible" for the monthly payment. This means that irrespective of any individual arrangements, you are both liable for the full payment. If you wanted to purise option a, then I would suggest that you go to mediation to try and come to an agreement amicably between all parties as to how the finances will be split.

With regard to the second option, if you want to use the marital property for security, or borrow against it, then you would have to get your wife's permission to do so. However she would not have any claim on equity in any other property that you subsequently purchase.

I think it would be worth putting you in touch with one of our consultanst who can go through these options in more detail. If you'd like to so so, let me know and I'll sort a convenient time for you to speak to one of them.

Regards,

Simon

simon.collins@johncharcol.co.uk

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