Pensions are an enormously complicated subject. You need an actuary to fully explain and calculate how they work.
Well, we’re not actually actuaries. But we do know that in most divorce cases, pensions built up over the course of 5, 10, 15 or more years are valuable assets. You want to help your client approximate what these assets are worth—but chances are, you’re reluctant to send him or her to an expensive forensic accountant to do so.
And we applaud that sentiment.
Easysoft Legal Software’s Divorce Financials family law software provides a quick pension value calculator. Our quick valuation is a peek at what each party’s pension is worth. It’s not down to the penny (we’re not performing QDROs here)—but it provides an invaluable estimate…in seconds.
The calculation is similar to an alimony present value (or lump sum) calculation.
Say your client began working in 2000. He or she got married in 2005, then divorced in 2010. That’s 10 years of pension value buildup—five of which are marital.
To figure out what this is worth, you simply open the pension valuation tool. You enter the date of plan entry, the date of marriage, the date of the valuation (today), and of course monthly pension amounts along with cost of living adjustments, if any.
Click enter, and there it is. The future value of the pension—in an amount proportionate to marital buildup.
Our easy-to-use, well reviewed and popular divorce settlement software makes it easy for you to save your clients time and money. It’s a platform you can use to market your services – and to deliver better advice to your clients, without having to hire a forensic accountant.
To learn more about our divorce software for attorneys, call us at 800 905 7638.