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Use of technology in pretty much everything has become a must to remain efficient and profitable. Family law is no exception to this concept. With so many variables to consider, the family law practitioner can benefit from the use of any number of software packages that have become available over the years.
Family law attorneys, accountants, and other divorce professionals nationwide rely on divorce financial software to analyze financial data and tax ramifications in divorce cases. Tax-optimized divorce settlements often produce higher disposal incomes for both parties. Helping clients find a divorce settlement that minimizes tax obligations is not only a matter of professional responsibility but also an economic reality. Divorce software for attorneys calculates settlements more quickly and accurately than generic financial tools can.
On the tangible side of your case, you have property division, alimony, and child support-with valuation issues and tax implications. The intangible aspects of parenting time can be equally troubling. The technology that has been produced has become invaluable for court personnel, litigators, mediators, collaborative law professionals (dealing with law, finances, or mental health), and even the parties themselves.
The financial programs allow you to enter all the financial information, including assets, liabilities, and income information for both parties. A wide variety of reports can be generated, including "what if" scenarios to assist in negotiating settlements. Tax issues are taken into consideration, including but not limited to income tax, capital gains, dependency exemptions, child tax credits, and self-employment tax. Some programs are provided on CD, and you may get periodic updates throughout the year. Other programs are downloaded and are updated frequently throughout the year.
Some of the programs allow your clients to enter the data directly through a portal, which saves you time and them money. This is a great way to get the ball rolling and to get your client on board with how much information needs to be addressed.
The software provides a detailed visual of what is really happening to a family's finances. This is helpful to the client in that it provides a clear way to understand what is happening in the case, both in the short term and over time. In the short term, working with your client and the program you can fine-tune...