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.
Variable Costs
Also known as discretionary expenses, 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.
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.
Severance Payments
A payment or continued salary payments for a period of time after someone leaves or loses a job.
Underemployed
When an individual is not earning income to their full potential, in which case the court may impute income based on earning capacity, education, and work history.
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.
Child Support
Financial assistance provided by one parent to the other parent for the care and upbringing of the children post-divorce.
Lump Sum
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.
Waiver Agreement
A binding spousal support agreement that does not have an opening for modification meaning both parties waive their right to seek a modification in the amount or duration of spousal support.
Payor
The spouse that provides financial support to the other spouse (the recipient).
Marital Standard of Living
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.
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.
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.
