How can I get the Connecticut Financial Affidavit to show 50% of each party’s property?
In most states, the full value of each asset appears on each party’s financial affidavit. In Connecticut, in some counties, the Financial Affidavit is used as an ersatz property division form, and only half the value appears on the financial affidavit. That option is available in Family Law Software. To set the Financial Affidavit up […]
How can I get an asset to appear in the “Children’s Assets” section of the Affidavit?
Click “more info” for the asset. Scroll down until you see the checkbox to specify that this is a children’s asset. Check that box, and the asset will appear in the Children’s Assets section.
Where do I enter a Moore-Marsden calculation?
Go to the “more info” screen for the page where you entered the real estate property. (That is: Client Info > Assets & Debts > Add Real Estate Property > More Info.) Scroll down to the section on Separate Property. You will see the Moore-Marsden link there. This calculation implements the formula specified by the […]
How do I enter a Section 2640 reimbursement?
Here is how to enter a Section 2640 Reimbursement for separate property due to a party. Let’s say that Party A is the party to whom the reimbursement is due. 1. Go to the “more info” screen for the real estate property. 2. Scroll down to the section for Separate (non-community property), and enter the […]
How can I get assets to show up on the correct place on the FL-142 (Schedule of Assets and Debts)?
At the top of the screen where you enter assets and deaths, be sure that you have specified that you want to enter them for the financial declarations. Then, where you enter investment assets, the Investment type will be keyed to the California declaration.
How can I figure out whether the the parties should complete their divorce in the current year?
Using Family Law Software, you can quickly determine whether the tax consequences are better if they complete the divorce in the current year, versus being married at the end of the year, and by how much. A bit of background: The Filing Status determination depends on the parties’ official marital status on December 31. So […]
When I change numbers on the What If Analysis, the taxes do not seem to be updating.
The way that What If Analysis works is that it temporarily substitutes your "what if" numbers for the "actual" numbers, then runs the calculations, including the tax calculation. If a tax number along the way is overridden, then the overridden value will be used. As a result, the "what if" will use the overridden actual […]
How can I tell which party should claim the exemptions for children?
Click Analysis > What If > More > Best Exemptions. To get a side-by-side analysis, you can go to Analysis > What If > Other What If, and under “Items about which to ask what if,” include Exemptions.
How can I split spousal support savings between the parties?
The first thing to do is to answer the question, “spousal support savings compared to what?” For this example, we will examine how to split the spousal support savings compared to an “all child support” scenario. 1. Using the Analysis > What If > Other What-If screen, you can see the After-Tax Cash of both […]
Why does the bottom line of the Budget Report not match the Spreadsheet for Income After Expenses and Taxes?
The Budget Report in Monthly view can be different than the after-tax net cash flow. This is because the Monthly view attempts to project what monthly payments will be on an ongoing basis, rather than simply showing 1/12 of the annual amount. Differences will arise when there are payments that extend only for part of […]