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Financial support

Peter
25.05.2023 16:20:03

682

Hi. I am still married to my wife and at the moment we have seperated though are still living in the home with our children. Although I would like to work through things I think my wife does not want to and intends to take things to the next step. My wife is the primary bread winner in our home (I was for a number of years before taking a career change which has meant I now freelance and earn around 30% of my previous salary). My wife is in full time employment whilst I freelance and roles I take can be sometimes a month or two apart. My major panic and concern at the moment is finances moving forward and being able to support my children whilst also working. If we were to sell our home / I was to be bought out I would be unable to afford a mortgage on my own due to my lower salary whilst my wife would be comfrotable and able to either borrow enough for a new home and / or afford the mortage on our existing home. She is also likely to inherit a significant sum of money in the near future. At the moment the only option I can see is that I would be forced to move away from my children in order to be able to afford somewhere suitable for them to live with me when I had them but this may be so far that I would only be able to have them at weekends or holidays. What financial support could I potentially receive? Thank you

Replies (1)

Oscar from amicable
09.06.2023 14:02:23

Hi Peter,

Thank you for your question.

When it comes to financial support during a divorce or separation, several factors are typically taken into consideration, including the income and earning capacity of both spouses, the living arrangement for the children, and the standard of living established during the marriage.

At amicable, we help couples to reach an agreement that will work for them both and the family as a whole. Please book a call to discuss your situation with one of our specialists.

Financial planning can also be useful for couples, helping them to stress-test the agreement reached, so check whether this will work in practical terms. You can find out more on this by listening to the podcast episode we have here: https://www.thedivorcepodcast.com/episode/episode-76-divorce-financial-planning-during-a-cost-of-living-crisis

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