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Subject:
New spouses home equity in jeopardy when husband has to pay child support to ex?
Category: Family and Home > Relationships Asked by: mizzspider-ga List Price: $10.00 |
Posted:
03 May 2004 11:17 PDT
Expires: 02 Jun 2004 11:17 PDT Question ID: 340380 |
I live in California and am married to a man who has a child support obligation. Let's say we want to buy a house together; He has no money to put into it, but I put $200,000.000 I got from the sale of the condo I bought prior to our marriage. If he loses his job, could the $200,000.00 in equity I've put into our new house be in jeopardy in connection with his child support obligations? If so, how do I protect myself? |
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Subject:
Re: New spouses home equity in jeopardy when husband has to pay child support to ex?
Answered By: taxmama-ga on 23 May 2004 08:59 PDT |
Dear Miz Spider, Even in a community property state like California, you may have separate property. When you buy the house, take title in your name only = Miz Spider, a married woman, as her separate property. Your husband will have to sign a release that he agrees. But, yes, it can be done. Leave the title that way until his children are grown. Be sure to make all the mortgage payments from your own bank account. If you need his money to do it, have him pay you the money, then write the checks. If you plan sell the house and the gain is more than $250,000, you will need to do some planning to be able to take advantage of his $250,000 tax-free exclusion. Yes, I know it can be done. I had a client whose ex-wife married a millionaire and didn't work or have income of her own. She was able to convince the court to increase his child support payments, when his income went up because, her argument, her husband's income was not hers. One more thing - if he gets behind in child support, and his ex gets a court order letting the government attach his tax refunds, you can either file a separate tax return, or file Form 8379 for Injured Spouse relief so IRS doesn't grab your share of the tax refund. http://www.divorceinfo.com/injuredspouserelief.htm I would advise that you work out the details with your attorney AND your tax professional. For some reason, divorce attorneys don't generally seem to understand the tax implications of their actions. (Sorry too much experience with guys who don't get it.) Best wishes, Your TaxMama-ga |
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Subject:
Re: New spouses home equity in jeopardy when husband has to pay child support to ex?
From: tutuzdad-ga on 03 May 2004 12:20 PDT |
See if my research on this earlier question will help you. http://answers.google.com/answers/threadview?id=325692 Regards; tutuzdad-ga |
Subject:
Re: New spouses home equity in jeopardy when husband has to pay child support to ex?
From: mizzspider-ga on 03 May 2004 13:40 PDT |
Hello, Thank you...I saw this question prior to posting mine and that was actually what prompted me to ask my question. Regards, -jc |
Subject:
Re: New spouses home equity in jeopardy when husband has to pay child support to ex?
From: kmodek-ga on 22 May 2004 21:31 PDT |
From what I've experienced, once you are married, your money/property you use together WILL be considered for his child support obligations. For example, if he doesn't pay and falls behind enough to be charged for non-support, they can put a lien against your house, car,etc. that has his name on it. If you bought the house BEFORE getting married and only had it in your name, nothing could happen. |
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