For many divorced parents, child support or spousal support payments are part of their divorce agreement. Thus, it becomes critical to understand what types of income the courts will look at in order to determine the amount of your support obligation.
Courts typically consider any type of income resulting from employment or income-generating endeavors as a key factor in establishing your support payments.
How your compensation is structured can actually help or hinder you during the divorce process. If your compensation is structured like a straight salary (without a performance-based bonus), negotiations tend to be much more forthright. However, if any part of your compensation comes from the following sources, you should be more prepared for your negotiations.
After a divorce, it’s normal for couples to wish they had done something differently during their marriage. Time apart can give closure and hindsight vision into what really went wrong.
Some of these things divorced couples wish they did better are:
According to a Bank of America survey
, more couples are deciding against using a joint bank account after marriage and opting to keep their finances completely separate instead. Some believe that by having their name solely on the account, they are guaranteed its security. This is a misconception and it’s better not to assume that your assets will remain solely yours after a divorce.
Over the past few decades, the divorce rates between couples over 50 (also known as gray divorce)
has skyrocketed. While there are benefits to separating later in life, researchers are also discovering the downside to this trend: financial distress.