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Separation Advice

  • 10-04-2020 2:36pm
    #1
    LegacyUser
    Registered Users, Registered Users 2 Posts: 166,026 ✭✭✭✭


    Hi,
    I'm looking for some advice as I am currently at my wits end.

    We are going through separation.
    We have 2 kids under 18.

    There is equity in the family home and as I am moving out she has agreed to buy me out of the mortgage but we are struggling to come up with a fair price. The house is worth €250k with a mortgage of 9 years of €100k or so on it.

    I'm trying to figure out how much it is going to cost me every month with maintenance as well as trying to rent somewhere decent for the kids to stay when they are visiting.

    I don't have any friends that have been through this so hoping for some advice here.

    Any help or stories how others get through this would be appreciated.
    Thanks
    S.


Comments

  • #2
    brenbyrn
    Registered Users, Registered Users 2 Posts: 15 ✭brenbyrn


    Hey there

    I can't offer you much advice but I've been going through a divorce and very similar situation and totally understand your stress.
    There seems to be very little information available - I seem like im in the dark all the time.

    I think there are a number of ways of calculating what is 'fair' - I've had a few conversations with solicitors over the past while - it's all so stressful and confusing.

    One suggested that the repayment you might be due would be half of the amount you paid on the mortgage while you were together.
    So for example, if there was 100k paid off the mortgage while you were living together - you would have been seen to have contributed 50k towards the mortgage. You would be entitled to 50k.

    However another told me that half of the equity would be another way of calculating what is due to you.
    So if the house is worth 250k and there's 100k left, you'd be due half of the 150k profit if the house was sold, so 75k.

    But there are many other factors - who paid deposits, if there were any site costs (if any).
    Lots of variables that I really can't give you much advice on but have all been causing me a lot of stress too!

    I hope you get it sorted and can both move on.
    And I hope I can too! :)

    Best of luck


  • #3
    C3PO
    Registered Users, Registered Users 2 Posts: 3,795 ✭✭✭C3PO


    Go nowhere until you attend a mediator!


  • #4
    smokingman
    Registered Users, Registered Users 2 Posts: 3,762 ✭✭✭smokingman


    It'll be half the equity left in the house normally. If she wants to stay there there she'll need to remortgage for the existing mortgage and your half of the equity.
    Courts are reluctant to force the sale of a family home though so try to get an amicable arrangement.
    Regarding maintenance, if you are both on similar money and have agreed equal custody week on/week off, then there should be no maintenance at all.


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