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.
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.
Income Deductions
Funds removed from gross income prior to receiving the funds, such as taxes, medical insurance premiums or retirement.
Income
Money or other financial benefits that you receive in exchange for providing goods or services, or as a return on investments, often in the form of wages, salaries, tips, bonuses, commissions, rental income, interest, dividends, capital gains, and other sources.
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.
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.
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.
Payor
The spouse that provides financial support to the other spouse (the recipient).
Indefinite Spousal Support
Also known as long-term 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.
COLA
Also known as cost of living adjustment, 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.
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.
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.
Direct Kids’ Expenses
Expenditures for children that can be separated out and are clearly only for the children, for example clothes, extra-curricular activities and school expenses.
