MLAW Interest and Penalties Calculator is a web-based service that calculates interest on Nevada judgments of any kind, and penalties for child support arrearages.
Features and Contents
Figures interest to any date on any lump sum, periodic payments, or combination of sums due and unpaid (such as child support, alimony, and attorney’s fees).
Automatically updates and accounts for all historical and future statutory interest rates (which change every 6 months).
Correct calculation of interest can dramatically increase the amount of your judgment. Under NRS 99.040(1), the calculation and recovery of interest is required as a matter of right, is not discretionary, and only requires determination of the rate of interest, the time it commences, and the amount to which interest applies. The program does the work for you!
What’s New in Version 4
MLAW Interest and Penalties Calculator is now accessible at the office, at home, or in the courtroom via any computer, pad, or mobile device with internet access — even a phone!
New and improved user interface for easier navigation, data input, and tabulation.
History and Reasons for Existence
Interest on accrued payments in family law cases is critical. It sometimes amounts to enough money to pay all costs and attorney’s fees, while still enlarging the net award to the client. Basically, over the past twenty years or so, interest has run at about 10% per year; if it takes five years to collect a judgment after it accrues, the sum owed increases by about 50%. And that is just interest. Child support also accrues a 10% per annum penalty, when calculated and requested by the party owed the money.
Generic computer packages (spreadsheets or databases) are generally unable to deal with all the complexities of correctly calculating interest under the Nevada statutes and case law, including freezing some interest rates while adjusting others, and the “looping” calculations that are required to comply with Nevada law. We noticed that “judgment calculator” software packages available from elsewhere did not seem to properly handle Nevada’s semi-annually adjusted interest rate very well, or to properly abide by Nevada case law (one frequent error is to apply payments to interest before principal).
We created the original version of the Marshal Law Judgment and Interest Calculator Program (for DOS) in May, 1991. It was adopted by a number of practitioners, courts and agencies, including the Washoe County District Attorney’s Office. Eventually, the program was ported to Windows. A complete reworking of the program, version 2 for Windows, shipped in November, 1999. Version 3 of the program, allowing user-updateable interest rates changes, and calculation of child support penalties, shipped in late 2001.
Version 4, the web-based version of the program, was made available in 2013. Changes in Windows have made operation of any earlier version of the program unstable, and earlier versions are no longer supported.
Initial Registration (one full year of access): $250
Automatic Renewal (for each additional year of access): $150**
When MLAW Interest and Penalties Calculator is bundled with MLAW Case Summaries, a discount package of a full year of access to both programs: $350
Automatic Renewal (for each additional year of access to the bundle): $250**
** – The reduced yearly rate requires signing up for automatic annual renewal.
A single run of the program is available (where the purchaser provides the data and the calculation is performed by our Staff) for $100.