QUESTION

Do payments received from the rental property count as a combined income?

Asked on Sep 13th, 2015 on Divorce - Wisconsin
More details to this question:
I bought my house before we were married but as expected, he's been making payments on the mortgage since we've been married. We own a rental property. Our mortgage is $700 per month. Our tenant pays $400. If we only pay $300, is his share only 150? In that case, do I owe him $150 per month for the time we've been married or $350 per month for half of the mortgage?
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1 ANSWER

First things first. If you are in a divorce and own significant property, you need an experienced family law attorney. It's almost always worth the expense. Second, equitable property division is not mechanical. The two spouse since they calm down can usually divide their property a lot better than a judge who has been watching two nice people flinging mud at each other can do. The answer to your question assuming the two spouses are not mature enough to compromise and work things out with each other requires more information about the source of the original money; what the size of the other spouse's contribution has been, etc. So it is not easily answered. But you and spouse can provide your own answer if you try. Good Luck.
Answered on Sep 21st, 2015 at 4:43 PM

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