I am recently divorced and my child support and alimony are based on my $195K/yr income as an associate dentist. I want to buy a practice that has a net income of $260K/yr for the current dentist who is retiring. However, my Principal and Interest payments on the 7.5%/7yr 100% loan to buy the new practice will only leave me with $190K/yr net income. Will the divorce judge base my future support payments on the $190K/yr net income or will he/she only allow the 7.5% interest payments to be deducted from the new practice income and not the Principal payments?
Asked on 9/05/11, 4:28 pm
1 Answer from Attorneys
Thomas Taranto
Law Office of Thomas J. Taranto, P.C.
With your present situation, your income and buying a practice, you need to seek the advice of a divorce lawyer and CPA.
Answered on 9/06/11, 4:53 am
