Wife left me, what to do with the house?

[LittlePiggy]

Hello,

Very very keen on this website. It has provided me with so much information in the past, its a really valuable service. I wondered what my first post would be about, but never dreamed it would be about this.

Basically, my wife has left me. I am sick. But thats about it, sadly, so its time to move on.

We bought our house off plans in 2005, moved in and began the mortgage at the beginning of 2007. We got a 100% mortgage on the house, and paid €195k, as first time buyers. I know what a lot of you are thinking... 100%, are you mental?! But whats done is done.

So I am living in the house currently, my wife is moving out. She can't afford to buy me out, I am the main wage earner. I could possibly buy her out, but I am not sure if I want to. I would like to sell, but I have no idea how this works. If it all transfers to my name, what exactly do I have to pay her? Half the property value? Does this mean the mortgage will increase for me by half?

As for value, well I havent got any valuations yet. A house the same as ours is for sale in our street for 210k, but the clue is that its been for sale for a while. During the peak, one on our street went for €240k. I am not really interested in making money though, I just want the selling and cutting of ties to be quick, and the financial damage to be as small as possible. Could be tough though, in these times. Are there any good tips anyone can offer on how to proceed with this?

My salary is around 50k. My wifes is around 25k. Together we have been confortably coping, and have made room for large increases in mortgage interest. This is just such a shame.

 

[Vanilla]

Would you consider some marriage counselling as a start? It's very early days, if it is possible to save the marriage now is the time to try.

If that is not possible, or you try and it doesn't work then I would suggest the family mediation service- where both of you sit down with a trained mediator and try to come to an agreement about division of assets.

Much depends on your circumstances, who brought what assets into the marriage, whether there are children and so on. The family mediation service is really very good when both parties are willing to compromise.

 

[LittlePiggy]

Thanks for the reply. Believe me, I am pursuing those options as well! they would obviously be the preference, but she seems quite certain at the moment. I am just trying to protect myself, and her, as much as possible.

 

[Bronte]

You mentioned a 100% mortgage. If there is no equity in the house your wife will not be entitled to anything. She is liable for the mortgage and she cannot just walk away. The bank may not agree to you taking over the entire mortgage so that is the first enquiry you need to make. There will also be legal costs to do this. Can you afford the entire mortgage.