Categories
General

Tax Updates for 2024

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 […]

Categories
General

Tax Filing Status

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 […]

Categories
General

Can I Keep the Home?

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 […]

Categories
General

Health Savings Accounts

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 […]

Categories
General

Dividing Property in a Divorce

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 […]

Categories
General

New Alimony Law in Florida

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 […]

Categories
General

Quick and Accurate Child Support Calculations

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 […]

Categories
General

New Forms Mode Improves the Creation of Financial Disclosures

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 […]

Categories
General

Valuing Defined Benefit Pensions

There are two main kinds of retirement plans: defined contribution plans (401(k) for example) and defined benefit plans.  This article is about defined benefit plans, and how to value them.  There is typically no question about how to value a defined contribution plan: you just look at the account balance.  Valuing a defined benefit plan […]

Categories
General

Tax Benefits Relating to Children

 It is tax season once again, and, as always, there are many questions surrounding the tax aspects relating to children.   The tax aspects that relate to children include:  The claim of exemption.  The child tax credit.  The child care credit.  The earned income credit.  The head of household filing status.  This blog post gives […]