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#114597 - 06/10/06 02:38 AM IS this calculated..
myangels Offline
Pooh-Bah

Registered: 11/07/05
Posts: 1982
I was wondering if you buy a building and rent 3apts and live in one of them if the rent money is calculated into the child support money? If the building is in my name? Or if I should just put it in my wifes.

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#114598 - 06/10/06 03:25 AM Re: IS this calculated.. [Re: myangels]
katiefedup Offline
Carpal \'Tunnel

Registered: 10/27/05
Posts: 11669
it is income and needs to be reported.

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#114599 - 06/10/06 03:43 AM All sources of income [Re: myangels]
Melody Offline
Carpal \'Tunnel

Registered: 06/03/04
Posts: 10102
Loc: California
are calculated. Even if the property is in your wife's name, half of the income from it is yours if you're in a community property state. The only way to avoid this would be if the funds to purchase the building were solely from your wife with no contribution whatsoever from your funds...like if she had an inheritance. If the paper trail could show that community funds were used to purchase the property, then the income derived from the property would be considered community.

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#114600 - 06/10/06 03:55 AM Re: All sources of income [Re: Melody]
katiefedup Offline
Carpal \'Tunnel

Registered: 10/27/05
Posts: 11669
I am still curious why he wants to hide assests. When his new wife divorces him or dies (God forbid) he is out in the cold.

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#114601 - 06/10/06 03:59 AM Re: All sources of income [Re: katiefedup]
katiefedup Offline
Carpal \'Tunnel

Registered: 10/27/05
Posts: 11669
I didn't realize that Home Depot was paying that much for a person to buy an apartment building. Why are you still renting if you have that much in reserves? Your best bet is to buy a home for your family instead of moving them into an apartment again.

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#114602 - 06/10/06 04:02 AM Depends on your state... [Re: myangels]
almostheaven Offline
Carpal \'Tunnel

Registered: 07/14/04
Posts: 10468
Loc: West Virginia
Most states include it. But of the few states that will only take one full-time salary, you might skate by without it getting included. If it's included, putting it in your wife's name won't always keep it from being included. The judge could always consider it as still part of your income and that you're trying to hide the income.
_________________________
Char Fox

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#114603 - 06/10/06 04:27 AM Oh come now....you know the answer [Re: katiefedup]
Melody Offline
Carpal \'Tunnel

Registered: 06/03/04
Posts: 10102
Loc: California
to THAT question. Of course he wants to shelter income from his ex and the child support obligation. But you're definitely right about how he could end up setting himself up for a surprise if his current marriage were to come to an end. I also had the same thought about the payscales at the local home improvement center....perhaps I've been in the wrong line of work....or perhaps those apartment buildings are mighty cheap in some areas.

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#114604 - 06/10/06 04:55 AM Re: All sources of income [Re: katiefedup]
Cinder2 Offline
Carpal \'Tunnel

Registered: 06/02/05
Posts: 4361
Loc: Southern California
Thank you Katie. I also was wondering how myangels is going to buy an apt building on his Home Depot income. I can't wait to hear his answer.

Cinder

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#114605 - 06/10/06 06:10 AM And with that sort of ready cash [Re: Cinder2]
Melody Offline
Carpal \'Tunnel

Registered: 06/03/04
Posts: 10102
Loc: California
available to purchase an apartment building, perhaps he needn't ORDER his ex to bring groceries over.

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#114606 - 06/10/06 03:10 PM Re: And with that sort of ready cash [Re: Melody]
StrayAngel Offline
journeyman

Registered: 03/03/05
Posts: 59
Ive always wondered something, since CS is supposedly for the NCP's portion of the child's needs - why is it that extra $ like an inheritance or insurance settlement is considered income and added to the calculated amount? Do the child's needs suddenly increase?


Edited by StrayAngel (06/10/06 03:14 PM)

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