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.
Fixed Costs
Essential living expenses that stay relatively stable month-to-month and annually.
Inherent Kids’ Expenses
Expenditures for children that are built into an individual household budget that cannot be specifically identified for the children alone, for example groceries and home utilities.
Recipient
The spouse that receives financial support from the other spouse (the payor).
Direct Payments
A support payment method where the paying party makes support payments directly to the receiving party through cash or a check.
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.
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.
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.
Cost of Living Adjustment
Also known as COLA, a periodic increase in financial support, such as alimony or child support, to account for changes in the cost of living, typically based on inflation or other economic factors.
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.
Modification
The process of changing or adjusting spousal support orders based on changes in financial status, employment, or other relevant factors of either spouse.
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.
