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.
Direct Payments
A support payment method where the paying party makes support payments directly to the receiving party through cash or a check.
Self Support
The point in time when a individual can meet their own reasonable budget with their own income without needing any additional support from a former spouse.
Income Deductions
Funds removed from gross income prior to receiving the funds, such as taxes, medical insurance premiums or retirement.
Mom Pays/Dad Pays Method
The sharing of children’s direct expenses by allocating responsibility specific expenses to each parent based on an agreed-upon arrangement.
Future-focused
Looking to anticipated expenses or events rather than a review of expenses already incurred.
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.
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.
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.
Principal
In an investment or savings account, the underlying balance or asset without considering the growth/interest on these investments.
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.
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.
