# Splitting up - costs etc.



## psychocandy (Apr 28, 2008)

Hope it doesnt happen but just in case.....

Got 5 yr old son. Live in large house with quite large mortgage and have a fair few debts.

If I were ever forced to move out, what would happen? To be honest, I could probably not afford to continue to pay the mortgage, bills, debts etc and rent even a small place for myself.

What would usually happen in this instance? Could I insist we sell the house (not that that is as easy as it seems)?


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## psychocandy (Apr 28, 2008)

Anybody got any experience similar to this?


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## honey28 (Aug 1, 2008)

It depends on the laws where you live...community property state, 50/50 ownership. whose name is the mortgage in, both, just his, just yours??? all of that factors in. But from the research i've been doing you all could fight over the house and let the judge decide, normally the parent who would be the "custodial" parent can keep the house, but whoever keeps the house will have to "buy out" the other one. That simply means pay them 1/2 of the equity in the house. Like if your home is worth 250K and you still owe 200K then your equity is 50K and you would have to pay him 25K, if you could not afford to pay it you could try to refinance or take an equity loan or make some arrangements w/ him assuming it is an amicable divorce. Or you could cut the sentimental ties to the home, let him buy you out or sale the house and split the profit and use that to buy a smaller home or condo that you can afford. Also depending on how and why you all split up, he could be court ordered to pay you spousal support and/or child support which could help w/ the mortgage.


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## psychocandy (Apr 28, 2008)

I'm in the UK BTW.


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