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.
Electronic Transfers
A support payment method where funds electronically move through bank transfers, online payment platforms, or electronic funds transfer (EFT) systems, providing convenience and efficiency for both parties.
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.
Underemployed
When an individual is not earning income to their full potential, in which case the court may impute income based on earning capacity, education, and work history.
Modification
The process of changing or adjusting spousal support orders based on changes in financial status, employment, or other relevant factors of either spouse.
Joint Checking Account Method
The sharing of children’s direct expenses through a bank account specifically designated for managing and covering the expenses where both parents have complete access to the account and contribute funds to cover agreed-upon costs.
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.
Future-focused
Looking to anticipated expenses or events rather than a review of expenses already incurred.
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.
Immediate Spousal Support
A form of short-term financial support provided to one spouse during the divorce process, often before the finalization of the divorce settlement, to address the immediate financial needs of the recipient spouse, ensuring they can meet needs throughout the divorce proceedings.
Historical Information
Factual data used to establish norms or regular occurrences as a basis to then estimate things in the future.
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.
Income Deductions
Funds removed from gross income prior to receiving the funds, such as taxes, medical insurance premiums or retirement.
