To help determine how much your income
and expenses will be once on your on, I have prepared an income and expense
chart.
First list your own income and
deductions to determine your take home pay each month. Then estimate your
monthly expenses after separation for each of the applicable categories listed
below. This by no means is an all encompassing list. Also list any monthly
credit card payments for existing debts that you may be paying off, add up your
total expenses, and then subtract them form your take home pay.
It maybe helpful to complete this chart
before talking to your spouse about child support, property division, or
alimony. You need to know what you need every month to get by.
- GROSS MONTHLY INCOME:
- Gross wages and salary
income $_____________
- Commissions, tips and
bonuses $_____________
- Self employment
income
$_____________(net of expenses other than depreciation and tax credits)
- Rental
income
$_____________(net of expenses other than depreciation
- All other income actually received
$_____________
- TOTAL GROSS MONTHLY
INCOME $_____________
- ACTUAL DEDUCTIONS PER MONTH
- Income tax withholding
$_____________
- FICA (Social Security)
$_____________
- Health Insurance $_____________
- Union Dues $_____________
- Other $_____________
- TOTAL ACTUAL MONTHLY DEDUCTIONS
$_____________
- NET INCOME OR MONEY ACTUALLY
RECEIVED $_____________
(Subtract Actual deductions from gross monthly income)
- TOTAL MONEY NEEDED PER MONTH FOR YOU
AND YOUR MINOR CHILDREN LIVING WITH YOU.
For any items which are not paid
monthly, list the amount as a monthly average.
- Rent or house
payment
$______________
- Real property taxes
$______________ (omit is part of the mortgage payment)
- Maintenance (house, yard, repairs)$______________
- Insurance - home or
rent $______________
(omit if part of the mortgage payment)
- Utilities
$______________
- Telephone
$______________
- Cellular
phone
$______________
- Groceries and household
items $______________
- Meal eating
out
$______________
- School
lunches
$______________
- Dental and orthodontia
$______________
- Medical and
prescriptions
$______________
- Laundry and dry
cleaning
$______________
- Car
payment
$______________
- Gas and vehicle
maintenance
$______________
- Insurance
Car
$______________
- Insurance
Life
$______________
- Insurance
Health
$______________ (omit if payroll deduction)
- Clothing
$______________
- Child
care
$______________
- Children's
activities
$______________
- Entertainment
$______________
- Haircuts
$______________
- Cable TV and
newspaper
$______________
- Total monthly debt
payments $______________
- Support or alimony
payments $______________ (made to other
persons not member of this family)
- Gifts
$______________
- Summer
camp
$______________
- Books and
magazines
$______________
- Vacations
$______________
- TOTAL MONEY NEEDED PER MONTH
$____________
- TOTAL MONTHLY DEBT PAYMENTS
Description of debt
Balance owed Amount
of monthly (i.e. credit card, instalment loan)
payment
________________________
$____________ $______________
________________________
$____________ $______________
________________________
$____________ $______________
________________________
$____________ $______________
________________________
$____________ $______________
________________________
$____________ $______________
TOTAL MONTHLY PAYMENTS ON DEBTS
$______________
(F) DIFFERENCE BETWEEN MONEY RECEIVED
AND MONEY NEEDED $_____________ (subtract total money needed per month for you
and your minor children from net money actually received per month.)
9032 Stone Walk Pl. Germantown, TN. 38138 (901)759-3489