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 AAML NJ Blog


  • 3 Mar 2023 1:09 PM | Anonymous

    By Elle Barr | Our Family Wizard, AAML NJ Bronze Sponsor

    Co-parenting works differently for different families. It’s important to select a parenting schedule that aligns with your children’s needs to ease the transition for them and for you. Read more to see if the popular 2-2-3 custody schedule will work for your family.

    What Is a 2-2-3 Custody Schedule?

    A 2-2-3 custody schedule is a co-parenting schedule where each parent has equal time with their child. Parents split alternating sets of days over a two week period. The 2-2-3 schedule offers kids frequent time with both parents but could present logistical challenges.

    2-2-3 is a common schedule rotation used by parents with joint physical custody, an agreement in which a child spends a lot of time with each parent. The 2-2-3 schedule, however, is an option that works specifically for co-parents who share time with their children on an equal, 50/50 basis.

    You’ll often see the 2-2-3 schedule rotation referred to as a “custody schedule” or a “parenting schedule.”

    50/50 parenting time rotations, like 2-2-3, work for some families and not for others. But a 2019 review published in the Journal of Family Sciences found that 50/50 arrangements could lead to positive outcomes for children. Still, they advised that blanket recommendations are inappropriate because every family’s situation differs.

    Before selecting a routine, you should consider your children’s schedule, your relationship with your co-parent, and your child’s age. The 2-2-3 schedule can be logistically complicated, but a digital co-parenting calendar can automatically schedule the rotation to help keep you on track.

    Michelle Dempsey-Multack, Certified Divorce and Co-Parenting Specialist summarizes the schedule nicely: “Although a 2-2-3 schedule doesn’t make sense for all families, it is a great option for co-parents whose work schedules allow for it, who have the ability to share in the parenting responsibilities equally, and who live near the other parent.”

    “This schedule is especially helpful for children under the age of 4, who are adjusting to co-parenting and may have a harder time separating from one or both parents,” says Dempsey-Multack.

    Key Takeaways

    • The 2-2-3 schedule is a 50/50 schedule that gives you and your co-parent equal time with your children.
    • The 2-2-3 schedule requires frequent exchanges and won’t work well if you live far from your co-parent.
    • Some kids thrive under a 2-2-3 schedule because they can see both parents regularly.
    • Other kids find the constant travel disorienting and stressful.
    • Parents use automated co-parenting calendars to best manage the 2-2-3 schedule.

    Read the full blog post HERE.

  • 28 Feb 2023 2:48 PM | Anonymous

    By Wilmington Trust | AAML NJ Bronze Sponsor

    As featured in Family Lawyer Magazine, financial experts and wealth strategists of Wilmington Trust’s National Divorce Advisory Practice share their first annual edition of divorce monthly tips. Using a thematic approach to tackle the many issues facing clients in transition, each monthly tip highlights a topic designed to propel action in a manageable yet disciplined way.

    By linking strategies to recognizable themes and breaking them down into 12 timely monthly subjects, attorneys can create a systematic roadmap to help guide clients impacted by divorce.

    Contact Sharon L. Klein, Head of Wilmington Trust’s National Divorce Advisory Practice at 212-415-0531 or sklein@wilmingtontrust.com to discuss ways Wilmington Trust can help your clients successfully navigate complexity and transition.

     


  • 21 Feb 2023 12:16 PM | Anonymous

    By Daniel Roche, CPA/ABV, ASA and Michael Saccomanno, CPA/ABV/CFF, CVA | MarcumAAML NJ Gold Sponsor

    Synergistic value is the additional value created in a merger between two companies due to synergies that can be exploited by the merged firms. Typically, these synergies come in the form of increased revenue or lower expenses, or a combination of both — thereby increasing the merged firm’s income and cash flow.

    Typically, in business valuation, we consider a hypothetical willing buyer and a hypothetical willing seller in our analysis of the subject company’s fair value and/or fair market value. Synergies aren’t typically considered in a concluded value because that would require using a specific (not hypothetical) buyer and seller. However, synergies exist in transactions in the real world.  

    For example, take Elon Musk’s purchase of Twitter last year. The control premium Musk paid was approximately 38% greater than the publicly traded price on the announcement date. While not a merger in its truest sense, this premium price hinged on Musk’s belief that he could extract more revenue from the Twitter platform through a combination of revenue-generating and expense-reducing measures. That said, while synergies can be anticipated and paid for in a transaction, the ultimate realization of synergies happens post-transaction and is more a product of successful execution than financial modeling and math.

    As you are all aware, Marcum and Friedman recently merged (September 1, 2022) and the combined entity now has $1.1 billion in annual revenue, positioning us to be the 12th largest accounting firm in the United States (note: updated industry rankings are due in March 2023). The merger also integrated the Friedman and Marcum Valuation Forensic and Litigation Support groups (VFLS), which now in totality includes just under 200 professionals across the country and bolsters the Marcum VFLS presence in New Jersey, Pennsylvania, and New York.

    The Marcum and Friedman VFLS leadership teams worked together for more than four months pre-merger and another five months post-merger to integrate our existing practices and professionals and to enhance the services we bring to our valued clients. 

    Our VFLS integration has been very successful, and the realized synergies have been greater than originally anticipated. Our New Jersey matrimonial group has doubled in size, and we now operate from four offices in four different counties within the state, sharing and developing staff and integrating our knowledge and client bases. We also bring much more enhanced and complete industry specialties including digital assets, private equity, cannabis, construction, food and beverage, real estate, consumer products, energy, healthcare, etc., with valuation, forensic, and litigation support experts immersed in these industries.

    So, look for us when you see us at events and ask us how our integration is going. We’re more than happy to talk about it with you. Hoping to see you all soon!

    Originally published on February 14, 2023.

  • 15 Feb 2023 1:58 PM | Anonymous

    By Jonathan Blinken | Strategies For Wealth, AAML NJ Bronze Sponsor

    Even under the best of circumstances, divorce is one of the toughest life events some of us have had to face. Not only are there emotionally complex relationships to detangle, but also there are also complicated financial arrangements and responsibilities to work through. From joint bank accounts, to car financing, to mortgages, the changes can seem overwhelming.

    It’s not all bad news, of course. There are significant benefits to finalizing a divorce. You may find that you are:

    • Happier with your life.
    • Healthier than you would be had you stayed in a bad relationship.
    • Less frustrated financially.
    • Happier in your next marriage, based on what you learned the hard way in the first marriage.
    • Seeing happier children, because two home parents who are happy, are better than one home with two miserable parents.
    • More prepared for retirement than you expected to be, particularly if you are female. A University of Connecticut study of 40 years of census information, supported the fact that women experienced greater earnings growth if they chose not to remarry. Why? Those women delayed drawing Social Security and therefore made more money to gain financial independence.

    However, you may also be losing a home you have grown to love and have worked very hard to purchase and maintain.

    Homes Owned by Both Spouses

    If you and your spouse owned a home together, try to get it paid off and whoever is keeping the house should attempt to qualify on their own to continue paying the mortgage and remove the other party from the deed. Since the initial mortgage approval was likely based on two incomes, becoming a sole owner may present challenges. You may both need to re-assess the need and benefits of selling the home versus keeping it under a sole owner. Perhaps a rental, or downsizing, is the better option for everyone for the short term. Give this due consideration and make the decision that works best for everyone.

    If you want your ex-spouse to remain in the home, with the children, and he/she is not able to refinance the mortgage alone, you may decide to leave it in both names for a period of time. That decision is a personal one, and if your spouse has been staying home to care for the children, it may be best for everyone to keep the home in both names. There is likely enough upheaval amidst the divorce for everyone without having to move everyone and everything out of the existing home.

    If selling the marital home is the final decision, be certain that both spouses have the proper legal documents in place to ensure any profits from the sale of the home are shared and distributed appropriately.

    Based on your relationship, it may be possible for both spouses to remain in the home during divorce proceedings, which may help save money. If that isn’t comfortable for everyone, you have other options, short of crashing on your friend’s couch:

    • Rent a one-bedroom apartment
    • Rent a small house or condo
    • Rent with the option to buy
    • A live-in hotel that includes a kitchen (if your company puts execs up at a location, you may be able to score the corporate rate)
    Mortgage Approvals

    If you’ve decided to buy, let’s review how a mortgage approval works. Bear in mind that regulations can change as quickly as bank procedures. While the following are good guidelines, you may find specific approval criteria have evolved.

    • Most banks and mortgage companies are want to see at least two years of continuous employment at the same organization and at the same, or increasing, rate of pay.
    • Be prepared to provide documentation of all your assets and income sources.
    • Be sure you have minimized your debt where possible document all liabilities, along with proof of the debt. This will include child support and alimony (or spousal support) obligations. You will need to document separation and divorce decrees.
    • The larger the down payment, the better your chances of approval. A minimum of 20 percent is recommended.
      • An 80 percent loan will help you avoid private mortgage insurance (PMI), which increases your costs. The lender is the only one who benefits from PMI.
    • A copy of your tax returns, W-2s, pay stubs, and any invested funds will also need to be accounted for and documented.
    • Be sure your credit report is clean, and your credit score is greater than 500. The higher your credit score, the better able you will be to secure a lower interest rate. Try to get your score above 600, 700s are even better.
      • Being late more than 30 days on just one bill could adversely impact your score. Be sure to stay diligent with your existing debt payments, especially if you currently have another mortgage liability.
    • If you have a prior foreclosure or bankruptcy on your record, approval is going to be harder, so brace yourself. You may have to rent until those items drop from your record. Depending on the specifics of the prior bankruptcy or foreclosure, it could be as few as two years or as many as ten.

    Before you begin shopping and talking with agents and sellers, I encourage you to obtain a pre-approval from your lender of choice. That serves two significant purposes:

    • You will know exactly what price range you should be searching.
    • The real estate agent and seller will appreciate knowing you have already been pre-approved.

    Remember, there is nothing wrong with waiting a few months, or years, to ensure you are fully prepared for one of the largest investments of your life. It may actually be better to wait until the divorce is final to seek your mortgage approval. Pending litigation may be a turn-off for the lender, because the alimony and child support obligations may still be unknown.

    Ensure you shop for a mortgage broker; consider rates, terms, and size. A larger bank or credit union may have volumes that permit them to offer lower rates. There are also varying products available, including: fixed rates; adjustable rates; 15, 20 and 30-year terms; balloon mortgages; VA; FHA; or an interest-only loan. You may have homework to do based on the extent of your financial capabilities and prior home buying experience. Make sure you ask questions about all the fees and interest rates. While federal regulations dictate a level of consistency across the board, in many cases, the lender may have a little wiggle room and it never hurts to ask!

    Devil Is In the Details

    As you begin the process of shopping for an agent, and a home, consider a few things before reaching out to anyone. The National Association of Realtors provides training, support, and a code of ethics and is a great starting place with more than one million members. It’s okay to “interview” the agent before making a commitment. Some items to discuss include:

    • How well they know the area in which you are looking for a home.
    • Their experience level, and how long they have been in the real estate business.
    • What current market conditions are like.

    You will want to find an agent that makes you feel comfortable and fully understands your needs and expectations. Having an agent that understands divorce implications, both financially and emotionally, can be an added benefit Be sure they represent you and not the seller!

    Location, Location, Location!
    • Do you want to be in a neighborhood with kids of a similar age to your children?
    • What is the local school system like?
    • Do you need to be close to the kids’ schools or daycare?
    • Do you want to be near religious or community centers?
    • Do you need access to public transportation? Are there suitable parks in the area.?
    • Do you need additional space for aging parents, or the kids should custody arrangements change?
    • What style home appeals to you, will you consider a condo or apartment?
    • Are there any community regulations and homeowner’s association fees?

    Plan to spend an average of 30 days to locate the perfect home, which will likely entail visits to 15 to 25 properties, or more. You’re probably going to be in your home for years to come, so find something that meets your needs and tastes, and fits within your budget.

    Financial Matters

    Divorce tends to be costly, even excluding housing costs. We all incur various expenses associated with ending a marriage, and in many circumstances, they can be significant. However, there are some steps you can take to ensure that you either remain financially sound or quickly return to financial security post-divorce. Here are a few tips I found helpful for my divorce:

    • Save as best you can, and remember there is a difference between needing something and wanting something. Try to exercise a little restraint on the wants, and only satisfy your needs, at least for the short term.
    • Protect your credit report and scores. While divorce itself may not have a direct impact, it’s easy to accidentally miss a bill if you’re unsure who is supposed to be paying. Not only does this incur late fees, but your credit score may also be impacted negatively. Any joint accounts you have with your spouse should be paid in full as soon as possible and the credit then re-established in your separate names. I know that’s easier said than done; however, getting rid of debt in both names is going to help both spouses.
    • If you don’t already have identity theft/credit monitoring protection, get it! With so many data breaches occurring these days, this should not be considered optional. This often includes additional features including access to your annual credit reports and scores.
    • The divorce may impact your taxes as well, another critically important financial consideration given your new family structure.

    You are navigating through an emotional time in your life. Some researchers report that divorce is the single most stressful event in anyone’s life, so be kind to yourself and be patient. You deserve the best life has to offer, so take the appropriate steps to ensure you are getting what you need and want out of life.

  • 8 Feb 2023 12:23 PM | Anonymous

    By Elle Barr | Our Family Wizard, AAML NJ Bronze Sponsor

    Valentine’s Day is all about sharing and celebrating love… so what do you do when you feel like your love has died, or even been replaced? This can be a tricky holiday for co-parents. Some even call it the worst day of the year. But it doesn’t have to be.  

    To salvage the holiday, look beyond romance toward other types of love. "Valentine’s Day is designed to have individuals express love and affection to those who are dearest to them,” says Robert Z. Dobrish, a matrimonial attorney and senior partner at Dobrish Michaels Gross LLP. “It’s an opportunity for divorced dads and moms to share thoughts and symbols of love with their daughters and sons."  

    Here are a few ideas to get you started, in three sections:  

    1. Things you can do with your kids 
    2. Things you can do for yourself to get through the day 
    3. One thing that’s crucial for you AND your kids
    1. For the Kids: Make New Family Traditions 

    Coordinate with your co-parent—or work around their schedule 

    Most shared parenting orders do not provide guidelines for holidays such as Valentine’s Day, Halloween, St. Patrick’s Day, and other such “second-tier” holidays, explains Candice L. Komar, founding member of Pollock Begg Komar Glasser & Vertz LLC and a practitioner, litigator, and negotiator in matrimonial law. Dobrish adds, “In my manyRobert Z. Dobrish,  Matrimonial Attorney & Senior Partner at Dobrish Michaels Gross LLP years of practice, I have never seen a sharing of Valentine’s Day in any divorce agreement.” 

    You can still add it unofficially and switch off every other year. If it usually falls with you, it would be a generous gesture to share the day or swap days some years. If your child stays with you, consider arranging a video chat with their other parent on February 14, so they can be reminded that both their parents love them very much. Or, if your child is not with you on the holiday, try to celebrate on a nearby date.  

    Focus on parental love

    The important thing is to make sure the kids feel loved. If you snub the holiday, it could make the day feel difficult or empty. If your kids see the world celebrating love, and their parents are miserable about the concept, then Valentine’s—or even the idea of love itself—might feel inauthentic to them.  

    But if the kids realize that their lives are filled with love, even thoughDr. Deborah Gilman, Psychologist, Collaborative Divorce Coach & Child Specialist their parents are no longer together, the day could be fun or even comforting. Dr. Deborah Gilman, psychologist, collaborative divorce coach, mediator, and child specialist,​ explains, “Even if you’re hurting, you can model the importance of showing love and affection to people whose relationships you treasure.” 

    Dr. Gilman has a fun idea for showing your kids love (in addition to telling them how much you love them and making time to celebrate together). “Write little notes of appreciation and leave them around the house and tucked in the kids’ backpacks, jackets, and lunches so they can find unexpected, sweet messages throughout the day.” 

    Get crafty with the kids 

    “Make decorated heart-shaped cookies, beaded bracelets, artwork,Candice L. Komar,  Litigator & Founding Member of Pollock Begg Komar Glasser & Vertiz LLC cards, or other Valentine’s themed crafts,” suggests Komar.  

    To take it to the next level, encourage your child to give one creation to their other parent. This sends a message that the parents are still communicating and aligned. They’re no longer married, but that doesn’t mean they don’t care for each other.  

    “This is important because it shows you respect and value your child's relationship with their other parent,” explains Dr. Gilman. “It's also a great lesson in how to put your child's feelings first.” 

    And keep in mind, this isn’t for your co-parent’s benefit. Children thrive when their parents are friendly with one another, explains Komar. 

    Too often, Komar adds, parents hide behind excuses like “I don’t want the children to be confused” or “I don’t want the children to get their hopes up for reconciliation.” Then they’re standoffish and nasty to the other parent just to prevent those outcomes. But that only hurts the kids more. Seeing their parents act cordially toward each other can relieve a lot of stress and tension. 

    2. Make Your Day Meaningful

    The kids should be your focus, but you matter too. This might be a painful day, and you’ll feel better and function better if you take good care of yourself.  

    Show gratitude 

    Making cards isn’t just for kids! “Send little notes of appreciation to the friends and family who have sustained you through your divorce thus far,” suggests Komar. “Gratitude, next to love, is one of the most powerful emotions there is. Be grateful for all the love in your life—not just romantic love, but also your parents, friends, co-workers, and pets.” 

    Don’t slide into a downward spiral 

    You’re no longer with your former spouse or partner on Valentine’s Day. That might feel like a huge relief, or you might be grieving—or both. Either way, it might feel weird. It’s easy to give into depression when you’re dealing with complicated or negative emotions, but it’s not unavoidable.  

    “Expressing gratitude will go a long way in pulling someone out of a funk just because they are not with a special someone on Valentine’s Day,” says Komar. I am sure if you look back with an honest lens, not all the Valentine’s Days were perfect Hallmark moments with your ex-spouse. Keep thinking the best is yet to come!” 

    Lean on your resources 

    Komar recommends a book called Parenting After Divorce, Resolving Conflicts and Meeting Your Children’s Needs by Phillip M. Stahl, Ph.D. It explores the nuts and bolts of creating a parenting plan—including getting past your own emotions, tailoring the plan to your kids’ ages, responding to your kids’ questions, communicating effectively, and supporting a relationship with the other parent.  

    It also includes a chapter on taking care of yourself, under the theory that if you do not take care of yourself, you’re not going to be an effective parent.  

    And on that note, 

    3. Model Self-Love, The Key to Resiliency 

    “It is important that our children see us care for ourselves and love ourselves,” says Dr. Gilman, “even when life hasn’t been perfect. It is self-acceptance and self-compassion that model resilience during and after adversity.” 

    Check out Verywell Mind’s 7 Ways to Practice Self-Love—and talk about what you’re doing as you put it into action. When you go to bed, tell your kids you get consistent sleeping hours because it nourishes your body and improves your mood. When you make a mistake, acknowledge it and then talk through the practice of self-compassion. 

    "Watching a parent go through a difficult time, and still being able to love and accept themselves (and accept the negative situation), is a powerful way to encourage children to love themselves no matter what,” says Dr. Gilman. 

    Celebrate All the Love in Your Life, Especially Your Love For Your Kids 

    Remind your children that no matter how much upheaval they’ve faced, two things are for certain: you love them, and their other parent loves them. That will never change.

  • 1 Feb 2023 12:08 PM | Deleted user

    By Leap US, AAML NJ Silver Sponsor

    Compliant and efficient trust accounting practices are essential for New Jersey matrimonial attorneys to ensure success and provide their clients with high-quality legal services. Whether a partner or a bookkeeper manages trust accounting processes, outdated practices can leave family law firms vulnerable to inefficiencies, malpractice, and disbarment risks. While this is a daunting prospect, the good news is that legal trust accounting software can eliminate these challenges and provide automated processes that are simple, scalable, and efficient.

    Let’s take a closer look at everything New Jersey matrimonial attorneys need to know about trust accounting.

    What 3 Common Law Firm Challenges Impact Trust Accounting Practices?

    Often, family law firms have limited resources to dedicate to managing all the trusts they’re overseeing. This becomes especially true when there are no digital software solutions to eliminate challenges that prevent law firms from implementing streamlined and compliant trust accounting processes. The three most common challenges are:

    1. Time

    The biggest challenge New Jersey family law firms face is having the time to dedicate to maintaining healthy trust accounting habits. Between court appearances, meeting with clients, preparing documents, and managing payroll, lawyers and their support staff have a minimal amount of time left in a day to put effort into manual trust accounting processes.

    2. Poor Record Keeping

    Receipt management and time recording often occur “after the fact,” which leads to inaccurate records of how much time was spent on client matters or expenses being missed for reimbursement when preparing client invoices. When attorneys have to go back and guess how much work they’ve done or the amount of money spent on a client, it limits how much time can be spent on other tasks.

    3. Data Entry Errors

    Data entry errors are bound to happen if law firms work across spreadsheets and multiple siloed software systems. Without a centralized database, attorneys and bookkeepers can accidentally type in the wrong information or post updates to the wrong trust because they are trying to consolidate information from multiple sources. As a result, these mistakes can lead to overdrawing a trust and malpractice.

    While these challenges can seem overwhelming to solve, legal trust accounting software can eliminate these challenges for more streamlined operations.
    What is Legal Trust Accounting Software?

    Legal trust accounting software systems are a digital solution that enables attorneys and bookkeepers to manage, reconcile, and audit trust accounts automatically for their clients to meet bar and jurisdiction requirements. In addition, reporting should be available within the software to quickly review up-to-date reports on dormant matters with trust account balances, potential trust to receivables transfer, and retained trust accounts for an overview of all trust funds and to ensure that all money is handled compliantly.

    It is important to keep in mind that legal trust accounting software is different from general accounting systems. For example, general accounting programs do not offer the tools and features needed to complete trust accounting-specific functions or label funds appropriately when reconciliations occur at the end of the month.

    Legal Trust Accounting Software Benefits

    There are several benefits that New Jersey family law firms experience when they implement legal trust accounting software.

    • Save Time on Manual Work - Eliminate manual tasks that require attorneys, support staff, and bookkeepers to update spreadsheets, paper files, and siloed systems. When the right legal trust accounting technology is in place, there is no need for double data entry, so staff members can focus on completing more work in the same amount of time. Additionally, the right trust accounting software provides intuitive reporting for attorneys and bookkeepers to get an overview of current trust balances, outstanding next steps, and more.

    • Improve Record Keeping - Trust accounting technology provides a digital trail of all changes in real time in a single database. Financial transactions are saved to the matter for approval on disbursements, invoices, and client transactions. This ensures that reconciliation becomes faster with fewer discrepancies and that all actions are compliant.

    • Ensure Compliance - Software can provide peace of mind for attorneys that all transactions are IOLTA and state bar rule compliant. Trust accounting software can process large transactions at high volume while preventing trusts from being accidentally overdrawn, misused, or mingled with firm funds to prevent malpractice lawsuits.
    Conclusion

    The need for compliant and efficient trust accounting practices will only continue to increase as trust accounting regulations evolve. Manual processes waste valuable time and resources for New Jersey family law firms and leave them at risk for malpractice lawsuits and potential disbarment.

    Firms that embrace legal trust accounting software for automation and reporting can eliminate redundant work, improve their records for smoother auditing and client updates, and mitigate compliance risks for their practice. The LEAP legal practice productivity solution provides New Jersey family law firms with everything they need to modernize their entire practice and centralize all data to automate and simplify trust accounting. To learn more about how LEAP could help your firm improve trust accounting practices, visit leap.us/new-jersey.

  • 25 Jan 2023 11:30 AM | AAML NJ Administrator
    By Carolyn Daly, Esq. | Daly & Associates | AAML NJ 2022 - 2023 President
    Learn More about this Alternative to Traditional Divorce

    Legally dissolving a marriage can prove a trying and stressful time for all parties involved. Collaborative divorce is another way to help you get “divorced without the drama” as it is intended to be a non-adversarial experience. In a collaborative divorce, both parties work together to reach a settlement. Instead of trying to “win,” each party shares the goal of being transparent and flexible in negotiations to reach a resolution they are both satisfied with and that is best for them and their children. It is outcome-directed, solution-oriented, and focused on the client’s goals and family.

    What does a Collaborative Divorce Attorney Do?

    The collaborative divorce attorney will provide guidance, counsel, and representation to the client to ensure that any outstanding issues between the separating spouses are resolved. They must be specifically trained in collaborative divorce, settlement- minded and creative. In order to help the parties, they may bring in other professionals to help assist in the resolution. Some professionals include:

    1. Financial Planners: This will be one neutral professional working with both parties. The financial planner can help the parties determine how cash, stocks, deferred compensation, retirement accounts and other high-value assets, debts and obligations are divided. A financial planner can help with post-divorce budgets and show the parties how various settlement options will enable them both to reach their long term financial goals.
    2. Accountants: Similar to a financial planner but with a slightly different role, a neutral accountant can be brought in to work with both parties to determine their net income, taxes and the best way to file taxes to minimize overall tax burden.
    3. Child therapists or custody experts: No parent wants to lose custody of their children. And children generally need both parents involved in their lives. How that is accomplished is often stressful and can be the most adversarial part of a typical divorce. Having a child therapist or custody expert work with parents can help focus each parent on the needs and well-being of their children so that they reach a time-sharing schedule that works best for them and, most importantly, their children.
    4. Mental health professionals: Sometimes emotions get out of control and put the process at risk. Your lawyer can bring in a mental health professional as a coach that can work with either or both of the parties to help them manage their emotions during the process.
    The Collaborative Divorce Process

    You and your spouse should first discuss if Collaborative Divorce is right for you. If you decide that it is, then you each hire an attorney trained in Collaborative Divorce. The attorneys will speak to each other and prepare a collaborative divorce agreement, which is an agreement to remain out of court. They will then discuss the issues, information needed from the other party and set an initial meeting with an agenda. That meeting is a 4-way meeting where you and your spouse and each attorney meets to discuss the issues. If you have decided that you will need a coach, child therapist, or financial planner, that professional may also attend the initial meeting. More likely you will determine in that first meeting what other professionals you will need and select them. After that meeting, each party will have things they need to do or information they need to gather before there is another meeting. There will then be another, or many other 4-way meetings discussing resolutions, reviewing information from the other party or professionals until a settlement is reached. Once a settlement has reached an agreement is drafted and signed and then the parties can proceed with the process of getting legally divorced.

    Are Court Dates Required?

    Successful collaborative divorces can be made final in New Jersey through one court appearance or the filing of paperwork. As long as all terms and conditions are set forth in an agreement signed by both parties, there should not be any additional court appearances required.

    What if We Can’t Agree?

    While collaborative divorce is a good alternative to a litigated divorce, it does not always result in a settlement. Either party can cease collaborative proceedings at any time. If the negotiations end without a resolution, each client is encouraged to seek new representation to begin litigation. The lawyers who provided representation during the collaborative process cannot continue to offer their services in litigation.

    The Benefits of Collaborative Divorce versus Typical Litigation
    Lower Expenses

    Out-of-court negotiations often result in fewer expenses for the client. They can avoid paying steep legal fees and often need to retain their attorneys for less time. If alimony or child support factors into the discussions, each party can agree to a fair amount independently of judicial decisions.
    Less Stress

    The non-adversarial nature of collaborative divorces creates a less stressful environment for each party. Instead of intense arguments and speaking through third parties, couples can communicate directly with their legal counsel present in a calmer setting. A divorce coach is also very helpful in managing stress and other emotions.

    Greater Ability to Get What You Want

    Divorcing parties can exercise more decision-making power over factors that are most important to them, such as child custody or retaining possession of specific assets. This places more power in the client’s hands and ensures that their true desires are more fulfilled.

    Shorter Process

    In New Jersey, divorce litigation proceedings can now take well over two years to reach trial or resolution. In a collaborative environment, this time is usually one-third to one-half of that timeframe. This allows everyone to transition to their new lives more quickly.

    Increased Professional Support

    As standard practice for a collaborative divorce, your attorney will aid you in hiring a divorce coach. This mental health professional will help resolve any outstanding personal or emotional conflicts so that the proceedings can begin with each partner in a mentally healthier state.

    Long Term Sustained Relationships

    When two parties dissolve their marriage collaboratively, they are generally able to maintain a friendly or cooperative relationship following the divorce. This helps maintain the ability to co-parent children or to resolve any issue that might arise after the divorce is final.

    Interested to learn more about collaborative divorce? Visit our Fellow Directory to find a qualified Matrimonial lawyer.  

  • 17 Jan 2023 11:45 AM | Anonymous

    By Elle Barr | Our Family Wizard, AAML NJ Bronze Sponsor

    A co-parenting schedule can help you raise a family across different homes. Check out this comprehensive guide on the popular 2-2-5-5 custody schedule. Download a free parenting schedule template, learn from expert tips, and see if this rotation will fit your family.

    What Is a 2-2-5-5 Custody Schedule 

    A 2-2-5-5 custody schedule is a shared parenting rotation that splits parenting time 50/50.  Parents split time into two-day and five-day blocks. Many experts like this schedule because parents keep the same days every week, making it easier to remember. 

    You’ll often see the 2-5-5-2 schedule rotation referred to as a custody schedule” or a “parenting schedule.” 

    Joint physical custody is a parenting arrangement where both parents have physical custody over their children. The children rotate their time living with each parent often on a set schedule. When deciding on a schedule, co-parents consider various aspects like work schedules, children’s schedules, children’s ages, and distance between housing to select a parenting plan that works for your unique situation. For those who want shared custody, a 50/50 split can be an attractive option. 

    50/50 custody schedules split parenting time equally. This schedule has grown in popularity, with many co-parenting feeling it is fair and gives kids adequate time with both parents. But a 50/50 custody schedule might not be right for all families. For one, splitting time down the middle introduces complexities that not all co-parents may be equipped to handle.  Instead of one house being the dominant residence, parents with 50/50 custody must balance the logistical challenges of frequent exchanges with the emotional burden of long times apart.  

    Terri Breer, a family law attorney and mediator from California, says co-parents have a lot to think about even when they have agreed to share parenting time equally. “While they may want a schedule that allows for equal parenting time with each parent, co-parents need to consider additional schedules. For example, there might be a better way to break up the weekly parenting schedule, particularly if their work schedules or children’s needs suggest a different arrangement.” 

    The 2-2-5-5 parenting plan offers many benefits for parents who decide that a shared schedule will work best for their children. This rotation keeps the days of the week consistent between co-parents and minimizes time apart.

    Key Takeaways: 

    • The 2-2-5-5 is a 50/50 parenting rotation that gives each co-parent equal time with kids over a two-week period.  
    • As with most 50/50 schedules, 2-2-5-5 works best for co-parents who live near one another and don’t have a high-conflict relationship.  
    • This schedule is best for younger kids, who will go only four full days without seeing a parent. 
    • The 2-2-5-5 schedule gives both co-parents a long weekend with the kids. 
    • A shared co-parenting calendar helps co-parents manage the 2-2-5-5 schedule. 

    Read the full blog post HERE.

  • 10 Jan 2023 11:44 AM | Deleted user

    By Leap US, AAML NJ Silver Sponsor

    As New Jersey matrimonial attorneys start to review different software solutions for their law firms, they will come up with a list of features that they want the solution to include. While it is essential to ensure that the software contains all the features your firm needs to run and operate efficiently, it is equally essential to ensure that the software offers seamless integrations with other common office and legal solutions. These integrations may include tools your firm already uses or new solutions that can provide additional automation and value to your firm.

    In this blog, we will cover the four reasons that New Jersey family law firms should add integrations to their legal software wish list.

     Keep Your Current Systems

    Most law firms are already using common office systems like Microsoft Outlook for email management, Microsoft Word for document assembly and management, and Microsoft Teams or Zoom for internal and external collaboration. If a firm’s staff members are happy using these systems, it is essential that any new system easily integrates with those tools to reduce resistance to change and create a single source of truth. For example, Office 365 integrates with LEAP across multiple workflows. Emails sent and received in Outlook automatically save to the correct matter for all staff members to see the latest correspondence with a client. Additionally, LEAP for Word enables matrimonial attorneys to automate document assembly, instantly track time spent on a document, and have it all saved back to the electronic matter. The Microsoft integration does not require your staff members to shift away from the systems they’re comfortable with and saves them countless hours in administrative work with enhanced features.

     Reduce Manual Work

    The main goal of any software implementation is to create less work across the business to improve productivity and reduce redundant work across the law firm. Where a software solution does not have a native feature to address a challenge matrimonial attorneys face, it should offer an integration that will provide a solution. Let’s take legal calendaring as an example. LawToolBox exclusively integrates with LEAP so that New Jersey matrimonial attorneys can have peace of mind when managing their cases. In a matter of clicks, they can manage critical dates and deadlines related to their cases as reminders populate into their Outlook calendar. This automation eliminates the need for attorneys to manually create reminders, check for updates, and manage timelines. Additionally, it helps to reduce errors caused by missing deadlines which helps to retain the practice’s and attorney’s reputation and maintain client trust and satisfaction throughout the process.

     Simplify Client Communication and Collaboration

    In today’s world, clients expect to be able to access documents and updates at all times and through the convenience of their phone or personal computer. Therefore, family law firms need to identify software solutions that have integrations with a secure and simple collaboration tool that their clients can access. A prime example of this is LawConnect’s exclusive integration with LEAP. LawConnect provides one place to share legal documents between lawyers and clients securely. Matrimonial attorneys can send their clients documents to collaborate using the comment, reply, and sign features online from multiple devices. Not only does this allow clients to quickly and easily provide feedback, but it also creates a secure, single version of truth for attorneys to access the most up-to-date file and have an entire history of any changes.

     Improve Cash Flow and Get Paid Faster

    Ultimately, New Jersey family law firms will struggle to stay in business if they do not have a healthy cash flow. Therefore, the legal software firms choose should offer integrations that simplify billing, invoicing, and payment so that firms can bill more regularly and accurately while getting paid faster. For example, RapidPay, powered by LawPay, integrates with LEAP to provide a secure online portal for clients to submit online payments via credit card. In addition, RapidPay generates payment footers on invoices, automatically produces receipts, and sends payment reminders to clients. These features help firms get paid faster and make it easier for clients to make payments with a user experience they’re comfortable and familiar with. From there, QuickBooks Online and Xero integrate with LEAP to complete law firm accounting without having to key in the same information multiple times into several systems.

     Conclusion 

    Whether a law firm has no legal software or is looking to change its current tech stack, they must choose a software solution that offers the integrations they need to have access to everything they need to run their firm efficiently. The LEAP legal practice productivity solution provides comprehensive features and several integrations that enable New Jersey family law firms to create a single version of the truth while running a productive and profitable practice. Learn more at leap.us/new-jersey.

  • 3 Jan 2023 8:18 PM | Deleted user

    By LEAP US, AAML NJ Silver Sponsor

    As technology continues to improve how we complete everyday tasks and increase clients' expectations of the law firms they choose to work with, New Jersey matrimonial attorneys need to identify software solutions that can help automate their firms' business functions. In fact, 47% of law firms plan to increase technology adoption and usage to help support automation and efficiency across their practices.

    As your firm looks at automation tools to stay competitive and improve its overall success, LEAP has put together a checklist of the six legal software automations every New Jersey family law firm needs.

    Document Creation & Management

    Document creation and management are among the most common tasks that cost law firms several hours a week. Matrimonial attorneys can spend many hours, if not days, drafting and organizing complicated legal documents for all of their cases. These processes can lead to lawyers working more than 40 hours a week to compensate for the lost billable time or missing out on the opportunity to take on new cases because they do not have the resources. While legal forms are not one size fits all, an effective legal software will offer document automation features that auto-populate documents in seconds. These features should cover common documents like letters, retainer agreements, and court forms that would typically require hours of copying and pasting data. As less time is spent on repetitive, manual document completion, attorneys and their staff members reduce time spent on fixing accidental data errors, increase their focus on billable tasks, and potentially increase the number of clients they can take on.

    2) Time-keeping Practices

    Regular and accurate time-keeping practices are essential to maintaining a successful and profitable business. However, it is often neglected due to the inconvenience of traditional time tracking tools. When attorneys are on a call, in court, or on the go, they do not have the time to manually start and stop a timer to log the time into a paper-based timesheet. This means that lawyers must go back and estimate how much time they spent on a call, preparing a document, sending an email or letter, and in court. Unfortunately, these estimates are often inaccurate, so your firm loses out on thousands of dollars due to delayed and incorrect invoices. As New Jersey family law firms consider automation tools, they should ensure that automated time tracking is a key feature of the software. When attorneys have a tool that automatically logs their time and the data can be auto-populated in an invoice, it immediately has a positive impact on a firm's bottom line and gives the firm a better growth trajectory.

    New Business Development

    Building a solid connection with a new client starts before your firm even takes on a new case. Clients expect the firms they partner with to be modern and efficient while providing high-quality legal services, starting with the intake process. Automated client intake shows potential clients that you are committed to modern processes and making the process as seamless as possible from the beginning. For example, clients should be able to upload all their documents, schedule a call, and book an in-person meeting without having to go back and forth with you or your staff to find a convenient time or provide their information and documents multiple times. Additionally, once your firm takes on the case, the software should allow attorneys to instantly create a matter that can be updated with new documents, tasks, and all communication records.

    Internal & External Collaboration

    Document sharing and collaboration are key to the client-attorney relationship once you take on a new client. As family law cases deal with highly sensitive and confidential information, it is essential that clients can rest assured that their data is being stored, shared, and sent securely. If your firm uses tools like email or third-party tools (i.e., Dropbox, Google Drive, etc.), your firm cannot ensure data security. An automated document collaboration and sharing tool should offer the highest level of security while allowing attorneys, firm staff, and clients to leave comments, reply, and provide e-signatures directly from their phones or desktop computer. In addition, the collaboration tool should be fully integrated with where all case information is stored to reduce time spent uploading files, potential errors, and the risk of security breaches and noncompliance.

    Billing & Invoicing

    Did you know that nearly half of legal clients are more likely to choose a firm that accepts electronic payments? That means your firm could double your profits simply by having the option for your clients to pay by credit card, wire transfer, or even a common payment app like PayPal. A user-friendly payment system that offers clients a similar experience to common e-commerce interfaces accessed from any device makes it easier for clients to pay their invoices or replenish their retainer. Additionally, more payment options and reminders give you a competitive edge over other New Jersey family law firms that do not offer multiple, modern payment options.

    Legal Deadline Management & Calendaring

    There’s never a good way to tell a client you’ve missed a deadline. It gives your client a negative impression and significantly decreases the chances they’ll be a repeat customer or will recommend your firm to other people. Additionally, missed legal deadlines can lead to malpractice and jeopardize your ability to practice, and cost you thousands of dollars in malpractice lawsuits. An automated calendar or docket system mitigates these risks by importing critical court and legal deadlines into your calendar to ensure that deadlines are hit. An automated solution to manage legal deadlines reduces the risk of missed critical dates (and the subsequent consequences). It also enables better time management for New Jersey attorneys and their support staff.

    Embracing an Integrated Solution

    We recognize that investing in software to address all these business functions individually will be costly and burden your staff members by needing to access multiple solutions for a single case. That is why LEAP offers an all-in-one solution for New Jersey family law firms to automate and streamline every business function. The LEAP legal practice productivity solution offers features for practice management, document management and assembly, legal publishing, and legal accounting so your firm can improve productivity and profitability. When firms partner with LEAP and embrace cloud-based automation, they establish a digital backbone that helps them outpace their competition and address the ever-changing needs of their clients and employees.

    As the legal industry continues to embrace the power of technology, automation is essential for law firms to establish business practices that support longevity and profitability. Inefficiency is no longer rewarded through more billable time as clients expect the law firms they work with to provide fast, high-quality, and modern services. LEAP Legal software provides New Jersey family law firms with the features they need across key business functions to help them automate previously manual and redundant tasks and improve productivity and profitability by 30%.

    Interested in learning more about how LEAP can help your law firm automate your processes? Learn more at leap.us/new-jersey.


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