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.
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.
Severance Payments
A payment or continued salary payments for a period of time after someone leaves or loses a job.
Gross Income
Money coming into a household from all sources, including employment earnings, investments, and any other financial inflows before any deductions or taxes.
Principal
In an investment or savings account, the underlying balance or asset without considering the growth/interest on these investments.
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.
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.
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.
Modification
The process of changing or adjusting spousal support orders based on changes in financial status, employment, or other relevant factors of either spouse.
Mandatory Income Deductions
Required funds removed from gross income prior to receiving the funds, such as taxes.
Support Buyout
Also known as lump sum, when the payor spouse makes a single, upfront payment to the recipient spouse in lieu of ongoing periodic payments of spousal support in final settlement of future spousal support obligations.
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.
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.
