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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Understanding Alimony
It is a common misconception that it is easy to calculate alimony in a divorce case. After all, child support is calculated by a formula. Doesn’t alimony? Actually, not, except for a handful of states that do have a formula. (The states that have formulas include California, Colorado, Illinois, New York, and Pennsylvania.) And even those states that […]
Illinois Updated Child Support Guidelines
by Nancy Chausow Shafer Every four years the Illinois Child Support Advisory Committee reviews the state’s child support guideline calculations. This is done to ensure child support calculations are fair and address the needs of children and families. The committee has made several significant changes to the Illinois child support calculation to support families. Family […]
Arrears on past-due support
Child and spousal support payments are common legal obligations that courts order daily throughout the entire country. But what happens when those payments are late or never arrive? Generally, the term “arrears” is used to describe child or spousal support payments that have not been paid when due. Arrears, however, is a term of art which includes the principal amount due as well as accrued interest. […]
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 […]