Including Assets for consideration

[Tonyc411]

What is the name of your state? Florida

I am going for a modification to CS hearing Oct 10. I was served Sept. 21 but the servered information was missing pages of their finanacials. I have obtained the missing pages but noticed that they did not put a 2nd home(that is in their name) on there. They were or are trying to rent it out. Which is additional income they are not showing in order to show a lesser income so I pay more in the support order. I want to submit a Standard Family Law Interrogatories for Modification Proceedings form but it gives them 30 days to reply. Is there any way to A)Request a extention of the hearing date(without appearing on current date) in order to receive the information before thew hearing. B)Decrease the 30 days to receive the information a few days before the current hearing date. C)Have the case dismissed because all the documents where not attached to the served papers.
I need time to build my case so the hearing officer can know all the facts before making a decision. Any suggestions of another method of having this information brought to light is also appreciated.
Thanks...

 

[nextwife]

But IS it rented out NOW? To whom is title vested? Have you obtained a copy of the last deed of record to verify?

What if they just decide to leave it vacant for their occassional use? Or rent it a week at a time, maybe just during hunting season?

 

[Tonyc411]

I am unsure if it is currently rented out... It is the the other party's name I have doc to verify that.(Copy of deed and copy of mortgage).
My understanding is that they wish to sell or rent it out... Less than 2 miles from there new home...

Thanks...

Can it not be included as a potiential income even on a weekly rental?

 

[TinkerBelleLuvr]

With associated income comes associated expenses. Generally, with a rental, you land up taking a LOSS on your taxes. I'm really not sure if you want to go down that path.

 

[Tonyc411]

Thanks

In the tax area they may take a loss but correct me if I am wrong the state looks at the gross income before taxes and the expences are not on the approved deductions list. If they choose to use that defence what items are necessary to prove that the home is running at a loss so that it is not included. Or is it normal for the court to ignore this asset?

Thanks Again

 

[nextwife]

In the tax area they may take a loss but correct me if I am wrong the state looks at the gross income before taxes and the expences are not on the approved deductions list. If they choose to use that defence what items are necessary to prove that the home is running at a loss so that it is not included. Or is it normal for the court to ignore this asset?

Thanks Again

Certainly, even without tax incentives such as depreciation and interest deductions, anyone who owns real estate will tell you that there are ACTUAL hard cost expenses. Property taxes, maintenance, MORTGAGE payments, property insurance and LL paid utilities, for example. Gross rent is by no means the realized income. And a vacant property is NOT generating an income at all.

It's just like anything else. It costs money to make money.

If I am a home builder, no judge is going to expect me to pay CS based upon the GROSS sales price of a house I build for a sale price of $350,000 when my material and labor cost may have been $318,000! In EVERY business endeavor, there are actual costs incurred to generate an income. One can't just pretend those hard costs don't exist.

Example: my friend may create a shirt custom ordered for a customer. He nets $1 per shirt if he gets an order of 3000 units at an overall cost to him for fabric, cutting, pattern-making, grading, sewing, trims and shipping of $10 each piece. That means he must SPEND $30,000 to earn $3000. Real estate is similar. You can't expect him to pay CS on a GROSS sale price of $33000, when his profit is 1/10th of that.

 

[Accountable]

I am unsure if it is currently rented out... It is the the other party's name I have doc to verify that.(Copy of deed and copy of mortgage).
My understanding is that they wish to sell or rent it out... Less than 2 miles from there new home...

Thanks...

Can it not be included as a potiential income even on a weekly rental?

When you say "they" are you referreing to just the ex or the ex and ex's current spouse? If ex is remarried, and both names appear on the deed/mortgage, then only 50% of any income produced from the 2nd property could be considered in the support calculation for ex's children. If the name on the house is only the ex's spouse....then it would not be included at all.

 

[LdiJ]

The bottom line in this whole thing is that one rental house is not going to generate enough actual INCOME, to make a hill of beans difference in a child support calculation.

Its certainly not an issue that is worth the time (and possible cost) to pursue.

 

[nextwife]

And while it's vacant, it's not even a rental.

Most "rental properties" don't even cash flow until owned a couple years and the LL can get rentals commensurate with their holding costs.