Blast From The Past: I Want to Keep the House, But Should I?

Blast from the past 13 years Ohio Family Law Blog

PUBLISHER’S UPDATE: Here is one of my favorites posts from back on March 29th, 2008! The advice rings as true now as it did then…We have a ton of interesting articles in our archives of the Ohio Family Law Blog. Use our Search tool and enjoy a few oldie but goodies!

divorce mortgageThis is one of the questions I am asked all of the time. Of course, the correct answer is “It depends.” The home often accounts for a large percentage of the entire marital estate. Whether to retain the home after a divorce is often a very emotional issue, especially if there are children involved. It is natural that parents want to maintain as much stability for their kids as possible when going through a break up. One would assume that keeping the kids in the marital residence after the divorce is important. But interestingly, the psychological studies show that divorced children are not really affected by the retention of the marital home. The key factor is the stability of their parents, not what house they live in.

Is It Feasible To Pay The Mortgage, Taxes, And Utilities After Divorce?

It is important to realize that unlike spousal and child … Read More... “Blast From The Past: I Want to Keep the House, But Should I?”

Divorce and Your Mortgage Interest Tax Deduction

Consider Allocation Of Mortgage Interest Tax Deduction When Filing A Divorce Decree

divorce mortgage interest tax deductionIn Ohio, and elsewhere, you may be able to deduct the interest paid on the mortgage on your principle residence when filing your tax return.   A deduction is simply the lowering of your taxable income.  For example, if you make an adjusted gross income of 70,000 dollars and have paid 10,000 dollars in mortgage interest throughout the year, you’re taxable income before other deductions would be 60,000 dollars.

Regardless of whether you’re single or married, you’re able to claim your mortgage interest deduction on your itemized return.  When you file your return, you’re also required to list your filing marital status.  The IRS requires that you claim your marital status in accordance with your marital status on the “last day of the year.”  So you must have been married on December 31st of the year to file as “married” for that year.

There are two types of deduction schedules you’re able to file, an itemized or a standard deduction.  It only makes sense to file an itemized deduction only if your deductions exceed your standard allowance, which in 2013 reached $6,100 for an individual filing as a … Read More... “Divorce and Your Mortgage Interest Tax Deduction”