In what is being called the most expensive divorce in history, Russian entrepreneur Dmitry Rybolovlev will be paying just over $4.5 billion — that’s “billion” with a B — to his wife, Elena. Now you may not have many billionaire clients in your family law practice, but you probably have your share of couples with above average wealth. You need dedicated divorce software for attorneys such as Divorce Financials to ensure these fortunes are handled correctly.
Equitable Distribution – Assets and liabilities have to be divided fairly, which doesn’t always mean evenly. When dealing with huge estates this can be complicated as you track long lists of assets of varying values. Divorce Financials family law software lets you list as many assets and liabilities as you need to ensure the entire estate is accounted for in the final balance. It is easy to trade off assets as needed to get a final total that is fair to both parties.
Alimony Calculation – Alimony is typically calculated based on standard of living. Use the Lifestyle Analysis tool to see how the receiving spouse has been living and calculate a spousal support settlement that will support this standard. It can be shocking to see these six- and seven-figure alimony amounts, but these are fair settlements for the standard of living the spouse has experienced. You can also calculate an alimony buyout, since it might be better for all concerned for the payor to give a lump sum so both parties can move on with their lives.
Tax Optimization – Taxes become important to the very rich, since a few percentage points can add up to massive amounts of money. The most common way to optimize taxes is to balance alimony, which is taxable, with child support, which is not. It’s easy to prepare reports that show the real costs, including taxes, of any support settlement. Compare up to five alimony and child support settlements side by side so you can quickly pick out the arrangement that is best for your client.
Now wait, you might be saying, these are the same considerations I give to my less wealthy clients. That’s true. At its core, a wealthy divorce isn’t that different than a poverty divorce. There are simply more beans to count. Whether your clients are fast food moguls or fast food workers, you can depend on Divorce Financials family attorney software by Easysoft Legal Software to help you find the right settlement.