Also known as child specialist, a mental health professional or trained mediator who specialize in working with parties in a collaborative law process on parenting plans, including child custody decisions, parenting schedules and other parenting matters.

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Also known as simply “support,” one combined payment permitted in some jurisdictions that encompasses both spousal support and child support, without differentiation between the two.

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Also known as financial specialist, a CPA, CFP, CDFA or other financial professional who may be engaged as a neutral in a collaborative law process to gather and verify financial information and facilitate the financial negotiations.

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Also known as financial neutral, a CPA, CFP, CDFA or other financial professional who may be engaged as a neutral in a collaborative law process to gather and verify financial information and facilitate the financial negotiations.

Essential living expenses that stay relatively stable month-to-month and annually.

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A legal billing practice where clearly defined services are provided for a fixed amount.

Looking to anticipated expenses or events rather than a review of expenses already incurred.

Money coming into a household from all sources, including employment earnings, investments, and any other financial inflows before any deductions or taxes.

Also known as Home Equity Line of Credit, a revolving line of credit that enables homeowners to borrow funds using the equity in their home as collateral; unlike a traditional loan, which provides a lump sum of money upfront, a HELOC operates similarly to a credit card, allowing borrowers to access funds as needed, up to a predetermined credit limit, during a specified time period.

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Also known as Health Savings Account, a specialized savings account designed to help individuals cover qualified medical expenses while enjoying tax benefits.

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Also known as HSA, a specialized savings account designed to help individuals cover qualified medical expenses while enjoying tax benefits.

Factual data used to establish norms or regular occurrences as a basis to then estimate things in the future.

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Also known as HELOC, a revolving line of credit that enables homeowners to borrow funds using the equity in their home as collateral; unlike a traditional loan, which provides a lump sum of money upfront, a HELOC operates similarly to a credit card, allowing borrowers to access funds as needed, up to a predetermined credit limit, during a specified time period.

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A loan in which the borrower uses the equity of a home as collateral with the loan amount determined by the value of the property.

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All the people who occupy a house, apartment or other living space, typically parents and children, but may also include other full-time dependents in a home like an aging parent.

For divorce purposes, an asset or liability that has a marital/joint component and a non-marital/separate portion due to a mixing of assets or contributions made to a pre-marital account during the marriage.

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A parenting arrangement that combines elements of both joint and sole decision-making, allowing parents to share responsibilities in certain areas while granting one parent sole authority in others.

A legal billing practice that combines elements of hourly rates, retainers, and flat fees, tailored to the specific needs and circumstances of the case and the client's preferences.

Also known as Individual Retirement Accounts, the most common type of non-qualified plans established by individuals to save for retirement with specific tax advantages, see Roth IRA and Traditional IRA.

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A form of short-term financial support provided to one spouse during the divorce process, often before the finalization of the divorce settlement, to address the immediate financial needs of the recipient spouse, ensuring they can meet needs throughout the divorce proceedings.

Also known as presumed income, anticipated income when someone isn’t currently earning income or is underemployed, used in the cash flow analysis to bring their income up to a reasonable expected level.

The process of transferring ownership of assets without converting assets to cash and potentially incurring taxes, and instead directly transferring the actual asset itself, such as stocks, property, or other physical items.

A type of stock option with potential tax advantages, available only to employees and subject to specific requirements.

Money or other financial benefits that you receive in exchange for providing goods or services, or as a return on investments, often in the form of wages, salaries, tips, bonuses, commissions, rental income, interest, dividends, capital gains, and other sources.

Funds removed from gross income prior to receiving the funds, such as taxes, medical insurance premiums or retirement.

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A business valuation method that estimates the business's value based on its income-generating potential.

Also known as long-term spousal support or permanent spousal support, a type of financial support provided to a spouse who is unable to achieve financial self-sufficiency due to factors such as income, age, health, or other circumstances.

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A legally binding agreement in which one party agrees to compensate the other for any loss or damage incurred, often used to protect against financial liability.

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A contractual provision in which one party agrees to compensate the other for any loss or damage incurred, often used to protect against financial liability.

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Also known as sole decision-making, a parenting arrangement where one parent has the exclusive right and responsibility to make major decisions about their children's welfare, including decisions related to education, healthcare, and religion, typically due to the court's determination that this arrangement best serves the children's interests.

Also known as IRAs, the most common type of non-qualified plans established by individuals to save for retirement with specific tax advantages, see Roth IRA and Traditional IRA.

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Expenditures for children that are built into an individual household budget that cannot be specifically identified for the children alone, for example groceries and home utilities.

The sharing of children’s direct expenses through a bank account specifically designated for managing and covering the expenses where both parents have complete access to the account and contribute funds to cover agreed-upon costs.

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A parenting arrangement in which both parents share equal responsibility and authority to make major decisions regarding their children, including areas such as education, healthcare, and religious upbringing.

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A legal parenting arrangement where both parents share the responsibility and authority to make major decisions regarding their children’s welfare, including education, healthcare, and religious upbringing.

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The initial document filed jointly by both parties in a dissolution/divorce or other family law matter that asks the Court to take jurisdiction over the legal matter and notifies the other party of the action.

A legal parenting arrangement in which the children spend time living with both parents, subject to a parenting schedule.

Also known as marital property or shared property, assets and/or liabilities earned, acquired, or built up during the marriage regardless of individual ownership or contribution.

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Regarding debt, when both spouses are individually and collectively responsible for repaying the entire debt, regardless of who incurred it and/or who has been awarded the liability for the debt in divorce.

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The court official who oversees a legal process and makes binding decisions or signs off on a final legal agreement.

Also known as decree, the final, binding order issued by a Court deeming the marriage terminated and outlining all terms of the dissolution.

A court officer who may oversee a legal process in some jurisdictions and potentially make binding decisions or sign off on a final legal agreement.

Also known as Do it Yourself or DIY divorce, a legal process where clients take on the responsibility of navigating the dissolution of a marriage without the assistance of legal professionals.

Also known as attorney, a legal professional who is trained and licensed to provide legal advice and representation to one individual (or one party) in a divorce, separation or other family law matter.

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A legal concept dictating the right and responsibility to make important decisions about a child’s life, including those related to education, healthcare, and religious practices.

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A detailed, legally recognized way to identify and locate a specific piece of land, often used to accurately describe real estate for division or transfer, it sometimes includes boundaries, property dimensions, and references to government surveys or maps.

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Also known as separation, the legal status or arrangement in which spouses live apart from each other or separate in other legal ways while still legally married.

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A formal, binding agreement which outlines the terms of a legal separation and may be submitted to the court for approval.

Also known as debt, money owed or financial obligations owed by an individual or couple, including things like mortgages, loans, credit card balances, tax liabilities, and outstanding bills.

A legal right or claim against a property by a creditor or a party owed a settlement to secure the payment of a debt or obligation, remaining until the debt is satisfied.

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A financial product designed to provide a lump-sum payment to designated beneficiaries upon the insured individual's death.

The ability to easily access financial assets and obtain cash if needed.

A process of resolving legal disputes related to the dissolution of a marriage through the court system with a process dictated by local regulations and procedural guidelines where a judge or other judicial officer makes the decisions.

Also known as name deletion, the process where one borrower takes over the existing mortgage of another, becoming responsible for the remaining loan payments.

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Also known as indefinite spousal support or permanent spousal support, a type of financial support provided to a spouse who is unable to achieve financial self-sufficiency due to factors such as income, age, health, or other circumstances.

Also known as buyout, when the payor spouse makes a single, upfront payment to the recipient spouse in lieu of ongoing periodic payments of spousal support in final settlement of future spousal support obligations.

A court officer who may oversee a legal process in some jurisdictions and potentially make binding decisions or sign off on a final legal agreement.

Required funds removed from gross income prior to receiving the funds, such as taxes.

Also known as shared property or joint property, assets and/or liabilities earned, acquired, or built up during the marriage regardless of individual ownership or contribution.

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Also known as standard of living, the degree of comfort you and your spouse lived in during your marriage, including the home you lived in, the vacations you took, restaurants you ate at and the overall lifestyle that you lived.

A business valuation method that compares the business to similar companies that have been valued and/or sold recently, considering factors such as revenue, profits, and industry trends.

A process to navigate a divorce with the assistance of a neutral third-party mediator who facilitates discussions between the parties to help them reach a mutually acceptable agreement.

A neutral third-party who facilitates discussions between the parties in divorce to help them reach mutually acceptable agreements and avoid adversarial processes.

The process of changing or adjusting spousal support orders based on changes in financial status, employment, or other relevant factors of either spouse.

The sharing of children’s direct expenses by allocating responsibility specific expenses to each parent based on an agreed-upon arrangement.

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A bank account that is similar to a savings account but may offer higher interest rates and additional features, such as check-writing privileges and limited debit card access.

A loan used to purchase a home or other real estate, where the property itself serves as collateral and if the borrower fails to make payments, the lender can take possession of the property.

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Pooled investment vehicles that invest in a diversified portfolio of stocks, bonds, or other assets with investors holding a mix of assets within the portfolio.

The legal process of changing your name after a divorce, which involves updating your name on all legal and personal documents such as your Social Security card, driver’s license, and bank accounts, often using a certified copy of the divorce decree.

Also known as loan assumption, the process where one borrower takes over the existing mortgage of another, becoming responsible for the remaining loan payments.

Cash available to an individual calculated by taking all money earned, including employment earnings, investments, and any other financial inflows after all taxes and other compulsory deductions are paid.

The difference between total assets and total liabilities which serves as a measure of financial health and stability, indicating the individual or couple's overall financial standing

Non-summer, weekdays when there is no scheduled school, such as teacher workdays, holidays, and school breaks.

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Also known as separate property, assets and/or liabilities that belong solely to one spouse and were acquired before the marriage, through inheritance or gift during the marriage, or explicitly outlined as separate in prenuptial or postnuptial agreements.

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Any retirement account that isn’t a qualified plan, such as an IRA or SEP, that are typically not administered by employers.

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Stock options granted to employees, directors, or consultants without special tax treatment, offering more flexibility in terms of exercise and taxation.

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A document or court order provided to the parties of a legal matter saying that the final judgment of the divorce has been entered and is now final.

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The parent not responsible for the children pursuant to a parenting plan or binding court order.

The parent responsible for the children pursuant to a parenting plan or binging court order.

A checking account that is used primarily for income and regular expenses and therefore fluctuates greatly throughout a month.

Active or passive ownership in a business entity where two or more individuals share ownership, management, and profits, sometimes occurring in law firms and accounting companies.

An alternative dispute resolution method where a trained professional, often a mental health expert or attorney, helps manage ongoing parental conflicts and improve communication.

A neutral professional who assists parents in making decisions about child-related issues by offering guidance, making recommendations, and may make binding decisions if authorized by the parents or Court.

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Also known as co-parenting schedule or parenting time agreement, a detailed timetable that outlines the time each parent spends with their children post-divorce.

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Sometimes known as visitation, the time that each parent spends with a child.

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Also known as co-parenting schedule or parenting schedule, a detailed timetable that outlines the time each parent spends with their children post-divorce.

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An employee or former employee who has accrued benefits in a retirement plan and is entitled to receive those benefits upon retirement or another qualifying event.

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Also known as withdrawal agreement, a contractual commitment in a collaborative law process to resolve issues collaboratively and refrain from litigation; if either party terminates the collaborative law process, the attorneys are bound to withdraw from representing the clients in litigation.

One of the individuals involved in the legal case of divorce, sometimes also labeled as Petitioner, Respondent or Co-Petitioner.

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An interest in a business whereby the owner isn’t engaged in the business in any substantive manner.

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The spouse that provides financial support to the other spouse (the recipient).

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A retirement plan offered by some employers which promise a specific retirement benefit, often a fixed monthly or annual payment in retirement.

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A concept in child support or direct expenses for children where each parent pays a percentage of expenses based upon that parent’s percentage of the combined income of both parents.

An incentive payment tied to the achievement of specific performance goals or milestones.

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Also known as indefinite spousal support or tong-term spousal support, a type of financial support provided to a spouse who is unable to achieve financial self-sufficiency due to factors such as income, age, health, or other circumstances.

Accounts or other financial assets used to build wealth, achieve financial goals, and secure financial stability for individuals and their families over the long term.

A debt obtained directly from a financial institution or a private individual (like family) for various purposes, such as home improvements, medical expenses, or business investments.

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Also known as personal use assets, a wide range of items that are used for personal enjoyment, lifestyle enhancement, or household use, such as vehicles, furniture, jewelry and artwork.

Also known as personal property, a wide range of items that are used for personal enjoyment, lifestyle enhancement, or household use, such as vehicles, furniture, jewelry and artwork.

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