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Knight Ridder - Posted on Mon, Jul. 19, 2004 Family Law Software can help smooth financial wrinkles BY JAN WARNER AND JAN COLLINS Knight Ridder Newspapers (KRT) - Q: After 22 years of marriage, I found that I was not only in shock, but also in big trouble! Financial trouble, that is. My husband handled all of the big financial decisions, and I was allowed to decide what to buy for supper next week. Now, three months after our separation, I am expected to understand and be proactive in the financial aspects of our case. I know it's my future, but I am ill-informed and way behind the curve. How can I catch up? Q: My wife and I are thinking about separation and probably divorce. Despite our personal feelings, we are still able to talk and understand that unless we get our finances straight, one or both of us could get hurt. We have both talked to lawyers, but have not gotten much help. How can we move ahead with our financial lives without the bitterness and expense that we know accompanies most divorces? A: Unfortunately, many of the more than one million couples who divorce each year are so frazzled and taken off the mark by "non-issues," that they ignore the fact that divorce is the largest financial transaction of their lives. In our opinion, those who are able to understand this and do something about it are halfway home to a better overall result. But how do they get there? Clearly, most divorce lawyers are not financial planners, and books are simply not interactive enough to allow folks to make the transition quickly and efficiently. While a good software program could be beneficial in helping folks sort out the financial issues, until recently, we did not know one existed. Then we purchased Family Law Software, tried it ourselves, and found that it can help with such decisions as: Should I sell the house, refinance and live there, or move to an apartment? Do I need to go back to work? How can I cut back on expenses? How much alimony is fair? Who should pay for our children's educations? Who will get the most tax advantage by claiming the dependency exemptions? What is the current value of our pensions and how can we divide them equitably? What happens when pension and Social Security payments kick in? By using this program in conjunction with your lawyer, you can understand and have quality input into the negotiation of your property settlement, an alimony award, and even evaluate a defined benefit pension plan. You and your spouse can see where you really are, financially and where you are headed. Family Law Software will generate clear reports and graphs that explain the financial situation to you. It is easy to learn and use, and best of all, if you don't like it, the company offers a full money-back guarantee. We think that this clear-sighted dose of realism can help get to settlement sooner, or at least understand the basics of what your lawyer and certified public accountant are talking about. And for folks in ten states, the software can even help calculate child support guidelines. We believe that this software package can help divorcing couples plan their finances, make important decisions, and have a better chance of getting their cases settled because both husband and wife can be better informed. Developed by the same folks who sold TaxCut to H&R Block, the founders have done a very good job with a difficult topic. This software is available at www.FamilyLawSoftware.com or by calling 1-877-477-5488. And even if you don't buy the program, you will find free calculators on their Web site that will help you with some important calculations. --- (Jan Collins is a writer and editor. Jan Warner is a matrimonial, tax and elder-law attorney. Both are based in Columbia, S.C. Please send your questions to P.O. Box 11704, Columbia, S.C. 29211, or e-mail to flyingsolo@janwarner.us, or see www.flyingsolo.com for some free suggestions and tips.) --- © 2004, The State (Columbia, S.C.). Visit the State at http://www.thestate.com Distributed by Knight Ridder/Tribune Information Services. |