Legal Definitions - regular income

Regular income refers to money or other financial resources an individual or entity receives on a consistent, predictable, and recurring basis. This type of income is characterized by its stability and the expectation that it will continue to be received at regular intervals, making it a reliable basis for financial planning and legal assessments.

Here are some examples illustrating the concept of regular income:

• Example 1: Salaried Employment

  A software engineer works for a technology company and receives a fixed salary paid every two weeks. This payment schedule is consistent, and the amount remains largely the same unless there's a raise or promotion. This bi-weekly salary constitutes regular income because it is predictable, stable, and received at fixed intervals.

• Example 2: Rental Property Earnings

  An individual owns a duplex and rents out both units to tenants under one-year lease agreements. Each month, on the first day, they receive a set amount of rent from each tenant. These monthly rent payments are considered regular income because they are expected consistently on a specific date and provide a steady financial inflow.

• Example 3: Government Benefits or Pensions

  A retired veteran receives a monthly pension payment from the government on the 15th of each month. This pension is a fixed amount that arrives reliably at the same time every month. This consistent and predictable payment stream qualifies as regular income, which is often considered when assessing eligibility for other benefits or financial obligations.