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#773826 - 07/17/17 02:44 PM Dissolution question
amg140 Offline
recently joined

Registered: 07/17/17
Posts: 3
Hello,
My wife and I have agreed that it is time for a dissolution. Since we have kids in daycare, we have decided to wait until they are in school full time to get this finalized. That will be next fall. We are proceeding with the dissolution, but are staying together until the kids are in school full time.

Here is my question, My wife wants to keep the kids in their current school system, which I agree is best for them. The concern is my wife wants to keep the house, but she can't afford it without help. Without giving numbers out, I am currently about 70% of our income. It has been proposed been in lieu of paying child support/alimony, I would cover the mortgage. The time frame has yet to be determined. Once timing is finalized, do you think this proposal is fair? Any insight is greatly appreciated.

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#773828 - 07/17/17 06:22 PM Re: Dissolution question [Re: amg140]
TJMH Online   content

enthusiast

Registered: 07/17/15
Posts: 347
You may not have the option to waive child support. One way to approach this would be to agree to a spousal support amount that would enable her to cover the mortgage. This could have tax advantages as the money you pay her in spousal support is taxable to her and a deduction to you - but if she then used it to pay the mortgage she'd also get a mortgage interest tax deduction so much of it would be deductible for her also.

The other issue you may run into is legal liability for the house and mortgage. As long as you're on the deed you're legally a part-owner of the house and as long as you're on the mortgage (regardless of whether you're on the deed or not) the lender will consider you responsible for the mortgage--so if she doesn't make the payments, your credit will suffer. Maybe the two of you are OK with that but it's definitely something to consider.

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