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New home post separation

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  • 31-01-2008 2:43am
    #1
    jordata
    Registered Users Posts: 1,206 ✭✭✭


    I need some pratical advise on the financial decisions I need to make due to my seperating. I would be deilghted with any advice offered as I seem to be going around in circles. My husband and I are going through the mediation process at the moment. We have discussed various options regarding the family home (our only asset) and it seems the most likely thing to happen is that he will buy me out. I gave up work 5 years ago to look after the children and now work only part time so I would be able to afford to buy him out. If I could buy him out the house is too big and expensive to keep for me anyway.
    So when the mortgage and bills have been paid I'd be hoping to have a lump sum that would cover about 70-75% of the cost of an average family home. I will not have an income to support a mortgage application as my earnings are tiny (less than 10k pa). Having the lump sum will affect my ability to qualify for rent allowance or single-parent supplement. Of course I would like to buy another place eventually but I don't see how I could do that on such a small income. I will be getting child maintenance from my ex but I don't know how much yet, or if that is taken into consideration when applying for a mortgage.
    I went to the housing department of the local Co Co to inquire about the shared ownership scheme but it seems I can not apply for help when I am living in the family home. I would have to be renting.
    Is my only option to move the children to a rented place and then uproot them again when (or if) we can get the money together to buy?
    Thank you.


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    #2
    lushballs
    Registered Users Posts: 196 ✭✭lushballs


    Have you spoken to a lawyer? I know of situations where the carer of the children is allowed to stay in the home with the children until the children are 18 years of age. This insures stability for the children. Also know of situations where the carer of the children has been given ownership of the family home in lieu of child maintenance payments.


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    #3
    jdivision
    Registered Users Posts: 4,260 ✭✭✭jdivision


    If you are separated you may qualify for the affordable housing scheme. Bear this in mind.


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    #4
    Victor
    Registered Users Posts: 78,400 ✭✭✭✭Victor


    Most certainly get a solicitor, even if you think things can be settled amicably. Get the advice, you don't necessarily need him in attack dog mode.

    The Family Home Protection Act and a few other pieces of legislation will come into play. However, given your limited personal income, having a roof over your head is very important.


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    #5
    the_syco
    Registered Users Posts: 37,299 ✭✭✭✭the_syco


    Hello OP, please don't take most of my advice the wrong way, but I do oppose how crap the family system is regarding men.

    Talk to your lawyer about this, as there has been a few cases where by the husband has moved out of his home, but had to keep paying rent, as it was now the family home, due to the kids living there.

    Also, as the kids are his, he'll have to pay maintenance.

    So, even though he's not living there, he has to pay the bills, mortgage, and maintenance.


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    #6
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,505 Mod ✭✭✭✭johnnyskeleton


    the_syco wrote: »
    Hello OP, please don't take most of my advice the wrong way, but I do oppose how crap the family system is regarding men.

    Talk to your lawyer about this, as there has been a few cases where by the husband has moved out of his home, but had to keep paying rent, as it was now the family home, due to the kids living there.

    Also, as the kids are his, he'll have to pay maintenance.

    So, even though he's not living there, he has to pay the bills, mortgage, and maintenance.

    Should he put the kids out on the street? Should the courts? The courts have been somewhat uncaring towards fathers in years gone by, but it's getting better, due no doubt to female judges who work demanding jobs and raise kids having little time for stay at home parents.

    OP, contact a solicitor. If you have little or no income, contact your local legal aid board law centre.


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    #7
    SarahMc
    Closed Accounts Posts: 517 ✭✭✭SarahMc


    Some couples come to an arrangement whereby a larger portion of the family home is handed over in lieu of maintenance for X amount of time. There has to be a very amicable and trusting relationship though, as this is not really recognised in Irish law.

    Your Xh will get stamp duty exemption if you remain in the family home and he retains no interest, and paying no maintenance he can get a larger mortgage.

    If you want to move from the family home, you really need to speak to a mortgage broker to see what sort of loan you can get, you say you will 75% cash upfront for a home, that is a huge loan to value ratio, and you may get a good deal out there.


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    #8
    patrickolee
    Closed Accounts Posts: 890 ✭✭✭patrickolee


    As previous posters have said, you need to visit a solicitor. Doesn't mean you need to go all legal in the divorce/seperation but you need to know where you stand and currently you dont. Things are not bad for you, worse for him I would think. Its not something I agree with, but Irish family law very much supports the female, to the detriment of the male especially when there are children involved. Make an appointment with a family law solicitor.


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