Legal Question in Family Law in Texas
Does she have to refinance?
At my divorce, I signed all financial responsibility for the home over to my ex wife, however, the loan is still in both of our names. It still shows up on my credit as me having taken out a home loan which brings my debt to income ratio down. Does she have to refinance? And until then, am I able to claim the taxes and insurance paid on the house for the 2007 Tax Return.
Divorced was final Last June.
3 Answers from Attorneys
Re: Does she have to refinance?
In order to properly answer your question, more information is needed. Generally speaking, if the court did not order a refinance, (and it would likely be unenforceable if it did) then she is not obligated to do so. If the decree does not provide for the allocation of deductions, then IRS regulations state that the person that paid the deductible expense, gets to claim it.
Re: Does she have to refinance?
She has to refinance. Dealing with 2 clients right now with the same issue.
Re: Does she have to refinance?
As you can see from the conflicting answers, you probably should consult with an attorney on this. I think we'd all agree that the person paying would normally get the deduction, but I also think that a court can't order her to refinance when that would harm the original lender, who is not subject to the court's authority.
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