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Valuing an Annuity

Did you know that, with Family Law Software, you can value annuities? You can, and here’s how! Create a defined benefit pension asset. Specify the owner, and click “more info.” Enter the information asked for by the “more info” screen, entering the information about birth dates, payment amount, etc. Enter the annuity’s payment start date…

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Advance Child Tax Credit Portal Open

The American Rescue Plan provided for significantly increased Child Tax Credits. The credits for 2021 are up to $3,600 per qualifying child, as opposed to $2,000 before (and after). (In 2021, a qualifying child is typically a child under age 18 at the end of 2021 for whom the party claims the tax exemption.) The…

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Mortgage refinance to pay off separate debt

A situation has arisen where parties are using proceeds of a refinancing to pay off a separate debt. The question is how to handle this in Family Law Software. There is no way to directly specify that a refinancing will pay off a party’s separate debt. You would be using marital debt to pay off…

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Getting Child Support Right

Here’s an example to show how how easy it is to divide incomes 50/50 on an after-tax basis using Family Law Software, and how important it is to look at incomes after tax. Let’s take the hypothetical example of John and Sue. John and Sue have one child. They share parenting time equally and they…

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Registering for Advance Child Credit Payments

As you may know, the IRS is making advance payments on account of the Child Tax Credit, starting July 15, and continuing monthly throughout the remainder of 2021. What you may not know is that the IRS is actually willing to send these payments even to people who never filed a tax return! The IRS…

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Advance Child Tax Credit Payments

Get ready to answer your phone … possibly, a lot! Starting July 15, millions of families will start receiving monthly child tax credit payments. Your clients could be among them, and they’ll definitely have questions. As part of the $1.9 trillion American Rescue Plan of 2021, signed into law in March, roughly 39 million families…

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American Rescue Plan Webinar

On May 27, Dan Caine, the President of Family Law Software, presented a Webinar on the American Rescue Plan — Provisions and Strategies. We have now posted that Webinar on YouTube, and you may view it here: If you wish to view the slides, you may do so here. During the Webinar, people typed questions…

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Watch Out for “Exactly Equal Parenting”

It is an important but little-known fact that in the event of exactly equal parenting, the tax law provides that the higher-income parent will be considered as custodial. This seems innocuous, but in fact, this determination could have a number of unpleasant consequences. First, the lower income parent would be denied the ability to claim…

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CONNECTICUT CHILD SUPPORT AND ALIMONY

CHILD SUPPORT The Connecticut child support guideline formula is based on the monthly net incomes of both parents.   To determine the net income of the parties, all taxable sources of income are reduced by the applicable federal, state and local income taxes, based upon all allowable exemptions, deductions and credits.   Family Law Software…

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NY MAINTENANCE AND CHILD SUPPORT

The New York law provides maintenance and child support guideline formulas. MAINTENANCE In New York, maintenance (also known as alimony in other states) is based on a number of financial factors in the case. In order to assist in the determination of the appropriate amount, the statute has a formula based on the gross income…