Financial Stability in Two Households
This is splitting the day-to-day finances of one household into two. Learn how to balance income and expenses for both of you (and children), assess future earning potential and explore various financial support types, like child support, spousal support (alimony/maintenance) or direct expenses.
Cash Flow - Making Two Households Work Financially
An introduction to the cash flow analysis in divorce, focusing on income and expenses post-divorce and the ability of parties to support themselves (and children).
Income - How to Calculate What you Earn or What you Should Earn
In order to determine if you have sufficient money to meet your reasonable financial needs, you need to map out income.
Cash Flow - Is Support Needed?
Once you have a budget and income, the next step is to determine if you need support. Learn about this fundamental questions and types of support to consider.
Spousal Support - Everything you Need to Know
Learn all the considerations and elements of the analysis of spousal support, one of the most challenging financial aspects of divorce.
Child Support - Providing Financial Stability for the Children
Learn the key aspects of child support, including its purpose, calculation, enforcement, modification, and potential impact on your post-divorce financial situation.
Direct Expenses as Support
By allocating specific expenses to each spouse, direct payment arrangements provide transparency, accountability, and flexibility, allowing for a more tailored approach to financial support that meets the unique needs and circumstances of the family.
Children’s Direct Expenses as Part of Support
Learn the practicalities of implementing agreements on sharing direct expenses for children after divorce, aiming to provide clarity and guidance and avoid potential conflict.
Combination of Support Types
Integration of support types, like spousal support, child support and direct payment of expenses, can provide for unique agreements tailored to your specific circumstances.
Lump Sum/Buyout of Support Payments
Learn the pros and cons of making a lump sum buyout of support.
Remarriage Clause
A provision in spousal support agreements or other orders stipulating that payments will terminate if the recipient spouse remarries or enters into a new domestic partnership.
Cohabitation
Living together in a romantic or domestic relationship without being legally married; may affect spousal support obligations if it substantially changes the financial circumstances of the recipient spouse.
Reimbursement Method
The sharing of children’s direct expenses with one parent initially covering an expense and then requesting reimbursement from the other parent for their share of the cost.
Imputed Income
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.
Rehabilitative Spousal Support
A type of financial support over a defined period of time aimed at helping the recipient spouse in acquiring employment, education, training, or skills to become self-supporting and independent financially.
Alimony
Also known as spousal maintenance or spousal support, financial support paid by one spouse to the other, typically on a regular basis, post-divorce to fill the gap between the recipient’s income and need.
Indefinite Spousal Support
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.
Variable Income
Money or other financial assets earned that is not received on a set schedule or consistent amount and may be more difficult to anticipate moving forward, such as tips, bonuses or commissions.
Wage Garnishment
A support payment method where funds are withheld directly from the payor’s paycheck through wage garnishment or income withholding orders, ensuring timely and consistent payments, most common when the payor has failed to make payments or has been difficult to work with on support.
Principal
In an investment or savings account, the underlying balance or asset without considering the growth/interest on these investments.
Immediate Spousal Support
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.
Fixed Costs
Essential living expenses that stay relatively stable month-to-month and annually.
