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I'm currently going through a divorce and we have had an initial mediation session.
One of the challenges we have is that I currently provide for my wife 100% (she doesn't work). We have around £240K equity in the house and 2 children, aged 5 and 8.
There is around £170K left to pay on the mortgage. My wife had a low paid job when she worked before and she readily admits that there is no way she could take on the current mortgage. I earn £75K a year. We're aiming for a 50/50 custody split so we need to support 2 houses.
After the initial mediation session, my mediator asked me to contact a mortgage broker to determine if it's feasible to take on 2 mortgages. I've contacted a mortgage broker but it simply isn't financially feasible to take on 2 mortgages.
I'm happy to help my wife with living costs (within reason) but I think the mortgage should be in her own name. As I understand from solicitors and mediators, there would be an expectation that if she stays in the house, the mortgage is her own name even if she receives support from me with the mortgage payments.
It doesn't seem feasible to pay the mortgage for a property I don't live in for the next 13 years.
I really want the children to stay in their current home but it just doesn't seem financially feasible. The only way this could be done is for me to support 2 homes but that's a massive commitment on my part.
Given the disparity of incomes, I think a split of more than 50/50 in my wife's favour would be more appropriate.
Has anyone been in a similar situation?