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.
Principal
In an investment or savings account, the underlying balance or asset without considering the growth/interest on these investments.
Fixed Costs
Essential living expenses that stay relatively stable month-to-month and annually.
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.
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.
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.
Reservation of Spousal Support
An agreement to not award spousal support but to keep a window of time open for one party to request spousal support based upon a change in circumstances during the time period of the reservation.
Family Support
Also known as simply “support,” one combined payment permitted in some jurisdictions that encompasses both spousal support and child support, without differentiation between the two.
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.
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.
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.
Presumed Income
Also known as imputed 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.
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.
