The Divorce Calculator is designed to assist individuals in understanding and planning the financial outcomes of their divorce proceedings. It calculates the division of assets and debts, alimony payments, child support obligations, and the overall net settlement, helping users make informed decisions about their financial futures.
Formula for Divorce Calculator
- Division of Assets
- Formula: Asset Share = (Total Marital Assets * Percentage Share) / 100
- Where:
- Total Marital Assets = Sum of all marital assets (property, savings, investments, etc.)
- Percentage Share = Agreed or court-determined percentage share for each spouse
- Alimony Calculation
- Formula: Alimony Payment = (Spouse A’s Monthly Income – Spouse B’s Monthly Income) * Alimony Percentage
- Where:
- Spouse A’s Monthly Income = Higher-earning spouse’s monthly income
- Spouse B’s Monthly Income = Lower-earning spouse’s monthly income
- Alimony Percentage = Percentage determined by the court or agreed upon
- Child Support Calculation
- Formula: Child Support Payment = (Percentage of Non-Custodial Parent’s Income) * (Total Combined Income – Self-Support Reserve) / (Total Combined Income) * Basic Support Obligation
- Where:
- Percentage of Non-Custodial Parent’s Income = Non-Custodial Parent’s Income / Total Combined Income
- Total Combined Income = Custodial Parent’s Income + Non-Custodial Parent’s Income
- Self-Support Reserve = Minimum income necessary for parent’s support
- Basic Support Obligation = Standard amount based on the number of children and total income
- Debt Division
- Formula: Debt Share = (Total Marital Debt * Percentage Share) / 100
- Where:
- Total Marital Debt = Sum of all marital debts (loans, credit cards, etc.)
- Percentage Share = Agreed or court-determined percentage
- Net Settlement Calculation
- Formula: Net Settlement = (Asset Share – Debt Share) + Alimony Payment + Child Support Payment
- Where:
- Asset Share = Share of marital assets
- Debt Share = Share of marital debts
- Alimony Payment = Amount of alimony to be paid or received
- Child Support Payment = Amount of child support to be paid or received
Table for General Reference
| Term | Definition |
|---|---|
| Total Marital Assets | Combined value of all assets accrued during marriage |
| Percentage Share | Proportion allocated to each spouse based on agreement or court order |
| Alimony Payment | Financial support paid to one spouse by the other |
| Child Support Payment | Financial contribution towards child(ren)’s upbringing by the non-custodial parent |
| Net Settlement | Final financial settlement after accounting for assets, debts, and support payments |
Example of Divorce Calculator
Consider a scenario where Spouse A and Spouse B are divorcing. Spouse A has a monthly income of $5,000, and Spouse B has a monthly income of $3,000. They have $100,000 in marital assets, $40,000 in marital debts, and one child. Assuming an alimony percentage of 15% and asset/debt shares of 50% each:
- Asset Share for Each: $50,000
- Debt Share for Each: $20,000
- Alimony Payment: ($5,000 – $3,000) * 15% = $300
- Child Support Payment: Calculated based on local guidelines and inputs
- Net Settlement for Each: ($50,000 – $20,000) + $300 (alimony received by Spouse B)
Most Common FAQs
Divorce Calculators provide an estimate based on the inputs provided. For precise calculations and legal advice, consulting with a lawyer is recommended.
Basic calculators handle straightforward scenarios. For complex situations involving diverse assets or international elements, professional financial advice is advisable.
No, the results are indicative. Legal settlements require negotiation and/or court proceedings.