Family Law SoftwareThere are a number of tax breaks for parents, which we have covered in an earlier blog post. This blog post zeroes in on the strategy of alternating who claims the child as an exemption. Before the 2017 tax changes, claiming a child as an exemption meant (1) an extra personal exemption and (2) a Child […]
Calculating Business Income for Child and Spousal Support Entrepreneurship in the United States is booming. According to the U.S. Chamber of Commerce, there are over 33 million small businesses in America. In 2023 a record breaking 5.5 million new business applications were filed. What does this mean for divorce professionals? Closely held and small businesses […]
Every year, the IRS adjusts various thresholds and tax brackets for inflation. Family Law Software is fully updated and ready for the new tax year: Every year, the IRS adjusts various thresholds and tax brackets for inflation. Family Law Software is ready for the new tax year. All new case files will automatically use 2024 […]
With tax season around the corner, individuals who are going through divorce will have important decisions to make regarding their 2023 tax filing status. These include: What filing status can I claim? What filing status should I claim? In particular, individuals who are nearing the completion of their divorce may want to consider the tax […]
One of the most important questions on the minds of homeowners who are going through divorce is, “Can I afford to keep the home after the divorce?” More precisely, the party who plans to remain in the home is asking, “Can I afford to maintain the property on my own, given my expenses and […]
The value of Health Savings Accounts (HSAs) can be easily overlooked by practitioners and clients in a divorce. This could be a costly mistake, as HSAs can be assets with significant value, and the contributions will affect cash flow. This post explains what a Health Savings Account is. Then it discusses both the expenditure and […]
In almost every divorce case there will be assets or debts that must be divided between the parties. This post discusses the issues associated with property division and how Family Law Software can help. Marital versus Separate Property Only marital property is divided in the divorce in most states, and in most situations. This sounds […]
Alimony Reform Enacted in Florida Florida has just joined the cadre of states that provide a mathematical calculation for alimony. The other states that have a mathematical calculation for alimony include California, Colorado, Illinois, Massachusetts, New York, and Pennsylvania. The phenomenon of state legislatures adding alimony calculations is a slow-moving trend, but nonetheless one to […]
Family law cases can be legally and financially complex, especially when it comes to child support. Each state has a different formula. Some of the formulas are quite complex. And getting it right is crucial. A miscalculation could jeopardize the financial well-being of a child and could easily result in the loss of thousands […]
Every family law case requires the parties to create financial disclosure statements (sometimes called financial affidavits). These documents are sworn statements that disclose the parties’ income, expenses, assets, and debts. In most states, these statements must be filed with the court. Every state provides either general guidance or a specific format that must be followed […]