Thank you to Emma Lorenz-Chapman of Your Perfect Financial Solution for this very useful article which is especially important if you wish to consider staying in the marital home.
- Do you work – even if it is only part time as most lenders will not consider lending to you if there is no element of earned income
- Credits – Are eligible for child tax or universal credit? Check on: gov.uk/taxcredits calculator and apply as soon as possible as this can be used as additional income but there needs to be some history of payments
- Childcare – what percentage of time will your child have with each parent? Are you eligible for child maintenance payments? You can check on Gov.co.uk if paid in regular payments this counts as additional income again there needs to be some history of payments or it needs to be done through CSA/court ordered
- Credit rating – check your credit rating at https://www.checkmyfile.com
- Be open to change – Joint mortgage almost paid off? You may need to extend the term back over a longer period so that you can afford to take it on and cover buying your spouse out of the marital home. If your situation changes later you can reduce the term back down or overpay on the mortgage bring the term down.
- Budgets – is taking on the family home a realistic goal for you? Write down your income and outgoings – if it is tight can you make changes? Review bills, where you shop how often you eat out. If you cannot make changes maybe you need to think about something more affordable.
- Get advice – speaking to professionals as quickly as possible is vital. Advice from friends and family is well intentioned but they can only speak from personal experience. Every situation and marriage is different. A good family lawyer, financial advisor and counsellor knows from experience what you need and can give you a structured way to approach your separation