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.
Net Income
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.
Payor
The spouse that provides financial support to the other spouse (the recipient).
Recipient
The spouse that receives financial support from the other spouse (the payor).
Buyout
Also known as lump sum, 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.
Spousal Support
Also known as spousal maintenance or alimony, 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.
Principal
In an investment or savings account, the underlying balance or asset without considering the growth/interest on these investments.
Long-Term Spousal SUpport
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.
Presumed Income
Also known as imputed 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.
Retirement Distributions
Withdrawals from retirement funds that are typically considered income and may be taxed or subject to a penalty depending on the type of asset and timing of the withdrawal.
Modification
The process of changing or adjusting spousal support orders based on changes in financial status, employment, or other relevant factors of either spouse.
Percentages of Income
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.
Permanent Spousal Support
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.
