Does owning a home raise child support?
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If anyone owns a home do you end up paying more child support through guideline child support paying property taxes and interest? Also if the home is in my name only, DH and I file taxes seperately then the home shouldn't effect his child support right?
I would like to know we plan on buying a home as soon as the thirsty BM finds out she always looks at an opportunity for more money.
Qq
Qq
"ETA: Taking on more debt
"ETA: Taking on more debt won't decrease CS, either."
Depends on where you live and what the debt is. In my state, "living expenses" (like rent and mortgage) are itemized in CS calculations. So, just for an example, if you make $1000/month and pay $500/month in rent, the court takes that into consideration. If your rent goes up you can put that increase in the next CS calculations and the court will take it into consideration.
I wish that was the case in
I wish that was the case in my state. Our rent is. $2800. My exH has been living free at his sisters for over a year and a half. All I hear from CS is how my expenses are 50% since I'm married. In other words they calculate my rent at $1400, even though my kids and I equal 4 and my DH is 1. It's ridiculous. Before that the exH lived in HUD housing for $225 a month and the 2 years prior at his sisters again for $0 a month. I live in California. The court could care less about my kids since my DH earns a good living. I'm severely disabled. They don't care.
Nothing to do with CS. You
Nothing to do with CS. You are calculated for rent or mortgage.
This caught my eye because
This caught my eye because I've been trying to purchase a home this month. I went through a lawyer and the lawyer proposed I get my DH to sign a post-nuptial agreement. It protects me if we were ever to get a divorce (he can't take my home) and so that my stepchildren can't claim a piece of it. Those are big things to consider especially when death is involved. You know BM's would want a piece of the home. In my state, your stepchildren are entitled TO A PORTION regardless of father's involvement in child's life.
^^^This. Post-nup, pre-nup,
^^^This. Post-nup, pre-nup, living trust, LLCs.
All my properties are under LLCs, where the corporate documents state that the shares go to whoever the shareholder (and I'm the sole shareholder) designates as their beneficiary, or, when BD is old enough I will have her as a minority shareholder and revise the corporate docs that remaining shareholders inherit the shares in the event of my death. Corporate documents override state inheritance law (it doesn't automatically go to the spouse, but defaults to the corporate docs like a will.)
Also, my lawyer told me that
Also, my lawyer told me that wills are changeable in court after the person has died. Trusts, however can not be altered.
Don't know anything about LLC but yeah. Cover your butt. So soon my hubby and I opened a business, BMs both filed for CS modification. We really have nothing to offer since we don't make much profit after expenses, but comes to show how BMs are always on alert.
Will only have something to
Will only have something to do with CS if your state is one of those "calculate expenses" state. Some states take a percentage of gross income, some states take a percentage of net after certain expenses.
The only way it would go up is if his rent at the time of the CO was, say 1000, but the mortgage and property tax, after splitting half with you, is only 500, then they'll take a percentage of that 500 he now doesn't have to pay.
Inheritance is what I would have a bigger problem with. I have everything set up so our BD takes everything in the event of my/our death, as everything is currently in my name (but, to be fair, I'm the one who has the capital to buy everything too.) DH doesn't pay for anything in terms of our property expenses but pays "rent" every month. This is actually our trump card because if BM complains he's hiding money with me and wants to take my stuff into account, I'll bring out the big guns and have DH be responsible for half of 4 properties, while right now his "rent" only covers the expenses of half of one. I did the calculations once--if he were to be responsible for half of all my properties, it would quadruple what he's paying for in "rent."
He pays for most of our groceries, and some of our utilities to balance it out--but I'm the main breadwinner in our house so I take on most of the responsibilities (as I believe I should, and should the reverse be true, he would also do this.)
Also, please remember that
Also, please remember that filing taxes separately has their problems too--a lot of your stuff will have much lower limits which means the benefits and returns you would have gotten had you filed together would be much less. (And IRA contributions get highly effected by filing separate. You might as well give up on IRA's if you're going to file separately.)
^^^
^^^
Not in Texas
Not in Texas