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.
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.
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.
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.
Net Income
Cash available to an individual calculated by taking all money earned, including employment earnings, investments, and any other financial inflows after all taxes and other compulsory deductions are paid.
Principal
In an investment or savings account, the underlying balance or asset without considering the growth/interest on these investments.
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.
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.
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.
Gross Income
Money coming into a household from all sources, including employment earnings, investments, and any other financial inflows before any deductions or taxes.
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.
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.
Child Support
Financial assistance provided by one parent to the other parent for the care and upbringing of the children post-divorce.
