We’ve talked many times about how modern divorce, especially in states with no-fault divorce, boils down to a theoretically simple math problem. Take the assets, divide by two, end of discussion. Of course family law attorneys know the reality is quite a bit more complicated. Settlement statement software such as Divorce Financials simplifies the process and makes it easier to generate a fair and mutually acceptable split.
Using the Wrong Tools
Trying to do a property settlement using manual calculations or general accounting software is difficult. Splitting liquid assets such as a mutual fund is straightforward but the same can’t be said about cars, houses, pensions and more. Selling an asset like a house might be an option but, depending on the market, the couple might have to wait months for the sale. In addition the spouse with primary custody might want to keep the house, so then how do you settle it?
Using the Right Tools
Dedicated divorce settlement software greatly simplifies the process of dividing out property. If Spouse A wants the house then you simply start piling assets onto Spouse B until the numbers are equitable. Note we said equitable and not equal. Not all assets will be split down the middle. Maybe Spouse A lived in the house several years before the marriage and the couple decides on a 60/40 split on the property while everything else will be 50/50. That’s easy to take care of in Divorce Financials. The overall split ratio can be set, and each asset or liability can also carry its own split ratio. It’s a snap to balance the numbers with the remaining liquid assets.
Pensions can be a thorny issue in a divorce. The pension holder wants to keep the retirement but the spouse has earned a percentage. Splitting the pension over the rest of their lives can be financially and emotionally complicated. Often it’s better if the pension can be valued as a lump sum so the pension holder can buy out the spouse up front, getting closure on the relationship more quickly. Divorce legal software with a pension calculator allows a fair buyout to be calculated in seconds.
Don’t continue to use outdated methods for property settlement. It’s not fair to your practice or your clients. Contact the experts at Easysoft Legal Software to discover how modern attorney practice management software makes divorce easier on everyone.