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Release Notes for Version 7.05, released 5/10/2005
This release features the introduction of a new "Lawyer" tab. This tab contains all the features and functions of the software that are most useful to family law attorneys.
We are hopeful that this tab will mark a significant advance in the value of Family Law Software for collaborative practice -- and perhaps in the effectiveness of collaborative practice itself.
The numerous other enhancements include improved and simplified the entries relating to rent, deferred compensation, and other living expenses.
1. "Lawyer" tab. The new "Lawyer" tab. This tab contains all the features and functions of the software that are most useful to family law attorneys. The features to be found on this tab included:
- Streamlined data entry. The client data entry screens have been condensed from 18 in the Planner to just four in the Lawyer tab.
- Client input entries. The data fields are only for those items of data likely already to be on an attorney's client input sheet. For example, we do not ask for any growth rates. This should make it practical for this tab of the software to be used by paralegals.
- Child support guidelines worksheet. We include on this tab just the child support guidelines worksheet, not all of the supporting worksheets. An attorney who is interested may still click the "Guidelines" tab to view the worksheets and calculations behind the child support guidelines result.
- Key Negotiation tools such as Property Division and Scenarios.
- Key reports such as the After-Tax Cash report, Marital Property division, and Alimony Present Value.
- New Net Worth and Cash Flow reports, which contain just the bottom line number and the graphs, projected five years.
- Financial forms. We have moved our generic financial forms from the Affidavit tab to the Lawyer tab. In addition, we have introduced the official state financial form for Pennsylvania.
- Tax reports. We have included only the tax reports for "View/Edit Taxes," "Alimony Savings," and "Exemptions."
We are hopeful that this tab will mark a significant advance in the value of Family Law Software for collaborative practice -- and perhaps in the effectiveness of collaborative practice itself. The more lawyers who are using this software, the more value financial planners will add value to the process, by bringing the exact client data that lawyers can use in their offices.
2. New "Calculators" tab. We have added a new "Calculators" tab. This tab contains all of the calculators that are stand-alone, that is, not interactive with the rest of the software. These include the Quick Divorce Calculators, the stand-alone Defined Benefit Pension Calculator, and the Arrears Calculator.
3. Deferred compensation. We have added a line on the "Non-Wage Income" screen for deferred compensation. You may enter a start date and an end date. For deferred compensation to be paid all at once, the start date and end date would be the same. For deferred compensation to be paid in different amounts over a period of years, you would click the "[More Info]" link and enter each amount. If deferred compensation is received in the current year, it will be carried to the child support guidelines worksheet. If you wish to suppress this carry, go to the Guidelines tab, then go to the Income screen, and enter a zero in the deferred compensation line. We note that it is very infrequent that deferred compensation is being received in the year of a divorce.
4. Rental expense. We have moved rental expense from the "Residences" screen to the "living expenses" screen. Many of our customers felt that this would be a more natural place to put in this expense. This move also has the effect of simplifying the Residences screen. We have added a new line in "Non-Wage Income" for rent paid by one spouse to another. If this happens, you would enter the rent as an expense to the paying spouse and separately as income to the recipient spouse.
5. Other Living Expenses. We have added a number of lines for other living expenses, below the labeled living expense lines. The amounts that you enter will appear on the Spending Report. They will also carry to the financial forms, line for line.
6. Property division assumptions. In this release, whenever you enter a new item of property, the software will make an initial assumption about the division of the property. In the case of accounts such as IRA or defined benefit pensions, the software will start with the assumption that the entire account will remain with the owner of the account. All other property, and all debts, are assumed to be divided 50/50. As a result, you may enter data without entering any property division, and then go to the Property Division negotiation form, and you will find yourself at a reasonable starting point for negotiations.
7. "Export" button. We have added a new "Export" button at the top of the screen, next to the Print button. You may click this button whenever you wish to export the current screen or report to Microsoft Word® or Microsoft Excel®.
8. Tax Calculation Fix. For tax purposes only, the software was double-counting interest, dividend, and IRA income in years in which that income was liquidated. This resulted in tax amounts that were higher than they should have been. This error originated in our most recent previous release (about five weeks ago), in which we introduced a new approach to liquidations. It is now fixed.
9. Earnings on Accumulated Savings. Previously, earnings on accumulated savings were added directly to Net Worth. This was correct, but not as clear as it could have been. Now, we are explicitly showing those earnings as part of income in the "After-Tax Cash Flow" report. As a result, the after-tax cash flow report and the net worth reports tie together more clearly.
10. Liquidations "on" By Default. It is now the case that the checkboxes on the "Assumptions" screen relating to liquidations are checked, turning liquidations "on" for new files. This is because our new approach to liquidations is sufficiently clear that we now believe it should be the usual approach.
11. Residence defaults. We have introduced a couple of additional residence default, in order to make going in the residence section easier. Now, the first mortgage it is assumed not to the refinance, and the mortgage recipient is assumed to be the bank. We have also added a new checkbox field, "Will this residence be sold?" This will clarify that entry. Previously, a software assumed the residence would be sold if there was a sale they entered. But it left unclear to users how to indicate that to the software.
12. State of residence. The software now remembers from case to case the state you are in. The "state of filing" and the "state of residence" will be set to this state. Of course, you may always change the state on a case by case basis.
13. "Alimony" vs "Spousal Support." The software now attempts to be sensitive to your state's preference of the term "spousal support" or "spousal maintenance" in place of the term "alimony." If you wish to change the term that we use, simply go to the Assumptions screen on the Planner tab.
14. Child support "quick estimators." We have added quick estimators for child support guidelines to 13 of our 18 states. These estimators will allow you to enter simply the net guideline income and the number of children, and will display the support guideline amount from the state's table.
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