If I give my wife the house will I still have to pay maintenance?

Georgina2005 | 10:49 Wed 20th Aug 2008 | Law

7 Answers

If I give my share in the equity of our marital home to my wife (circa �180,000) will I still have to pay Ancillary Relief for the children on top of this, or by way of doing this I am in effect giving her all the maintenance for the children up front. She doesn't want to move from the marital home but cannot afford to stay there. She earns around �85k, I earn �65k mortgage is �2,500 a month and house is valued at �800,000.

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Ethel

So you have �360k equity in the house, in effect giving your wife a debt of over �440k, with the equity dropping by the day, probably.

How old are the children?

bednobs

hi, you "giving" her the equity in the house will not solve the problem of her wanting to stay there and not being able to afford it - the only way to get at equity is to sell the house (if you can in this climate). the mortgage will remain at 2500 a month. i presume your mortgage is in joint names?

Georgina2005

Question Author

children are 9, 7 and 2.5

She cannot really afford to live there, but may well get assistance from her family. However, I obviously need something to live on as I am starting all over again, and have no deposit for a house so will move to my mothers.

gina32

please correct me if ive read this post wrong but you say she cant live on 85K a year and you need something to live on, and youre earning 65K a year? surely you are having a laugh?

Georgina2005

Question Author

exactly! She cannot afford to stay in a house with the mortgage as high as it is. If I give her the house do I need to pay maintenance on top of this?

cassa333

As I see it you would be effectivly giving your wife �180k as up front payment of your child mainenance obligations and taking your name off the mortgage???

The mortgage would still need to be paid. If your name comes off the mortgage she would then need to get a one to cover her share and yours. If she cannot afford to do this the property will have to be sold.

I don't know the legalities of paying a lump sum and then maintenance but I would look to the divorce cases of late... They get millions, a couple of houses AND child maintenance.

gina32

she cant live on a �1.000 a week after mortgage? pull the other one

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