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.
Spousal Maintenance
Also known as alimony 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.
Household
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.
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.
Reservation of Spousal Support
An agreement to not award spousal support but to keep a window of time open for one party to request spousal support based upon a change in circumstances during the time period of the reservation.
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.
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.
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.
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.
Cash Flow
The amount of cash being transferred into and out of a household during a specific period used to evaluate financial stability and the sustainability of a household moving forward post-divorce and determine if support is needed.
Discretionary Expenses
Also known as variable costs, living expenses that are more variable and potentially more controllable than fixed expenses; they may be irregular and hard to plan for because these expenses are not always consistent and can be hard to budget.
Income Deductions
Funds removed from gross income prior to receiving the funds, such as taxes, medical insurance premiums or retirement.
Alternative Dispute Resolution (ADR)
A range of processes and techniques designed to resolve legal disputes through non-adversarial means, outside of the formal litigation system.
