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.
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.
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.
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.
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.
Enforcement Mechanisms
Legal actions or procedures used to ensure compliance with spousal support orders, such as wage garnishment, contempt of court proceedings, or other enforcement measures.
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.
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.
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.
Recipient
The spouse that receives financial support from the other spouse (the payor).
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.
Historical Information
Factual data used to establish norms or regular occurrences as a basis to then estimate things in the future.
Direct Payments
A support payment method where the paying party makes support payments directly to the receiving party through cash or a check.
