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Entering Income for the New Jersey Case Information Statement

Today we are releasing a revamped New Jersey Income screen that will make it a lot easier to enter income for the Case Information Statement (“CIS”). We ask for the same information as before, just in a different format that is easier to follow and easier to understand. Part C – Income Information – of…

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New Jersey Guideline Changes Effective June 1, 2022

The Supreme Court of New Jersey updated the amounts used in the state’s child support guidelines, effective June 1, 2022. Our most recent update incorporated the very latest guideline rules into Family Law Software. Here are the key changes. Self-Support Reserve The self-support reserve increased from $372 to $392 per week. (The self-support reserve is…

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“Spend it all”

We were recently asked whether we could add an option to “spend all net income.” The financial advisor said that their client is just going to spend whatever is available and wanted the cash flow projections to reflect this. We have considered an option to “spend all excess funds.” But we have not done it,…

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Child Support Step-Downs

Family Law Software automatically calculates child support step-downs. You can see this on the Enter Data screen for Child Support, in the section near the bottom of the screen entitled “Support to Use in ….” The step-down shows what will child support be when the oldest child ages out, then the next-oldest, and so on.…

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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…