Posts Tagged ‘retirement’

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How military divorces are different from civilian divorces

January 19, 2009

Military divorce proceedings present many challenges that are generally not present in a civilian divorce.  These aspects include:

 

  • locating the military member,
  • service of process upon the military member,
  • service of process abroad,
  • the Servicemembers Civil Relief Act which may stay the proceedings against a military member;
  • which jurisdiction to file the proceeding;
  • determining the military member’s legal domicile,
  • creating appropriate custody and visitation schedules (now included as part of a comprehensive parenting plan and termed time-sharing and parental responsibility),
  • calculating child and family support,
  • obtaining child support without a Court order,
  • garnishment of wages through the military pay system; and
  • pension and property division including the Uniform Services Former Spouses’ Protection Act, calculating the military member’s vested time in the military and the spouse’s vested time for benefits, reenlistment bonuses, accrued leave time, military medical benefits, military commissary and exchange shopping privileges, and military ID cards. 
  • A new benefit, worth up to $85,000, will become an issue on the near horizon.  Military members can transfer some of the G.I. bill benefit to their spouse and/or children.  What if a spouse takes advantage of this benefit, receives an education at the service member’s expense, then files for divorce? 

To discover how these aspects of military divorce affect your unique situation, please contact my office at (904) 321-0987.

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Tips to Avoid Mistakes Women Make When they Marry

December 1, 2008

Here are the highlights of Lenore Skomal’s article, “Finances:  Tips to Avoid the Top Seven Mistakes Women Make When They Marry.”  Some of these may be more “doable” than others, but these tips offer your best protection.

  1. Take charge of the finances and have a workable budget.
  2. No joint anything–especially accounts.
  3. Don’t give up your potential to earn money.
  4. Know your property rights.
  5. Save for retirement.
  6. Have a will.
  7. Understand the tax forms you sign.

Go here for the full article.

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Prenuptial (Antenuptial) Agreements Aren’t Just for the Wealthy

September 15, 2008

 

Florida is an equitable distribution state, meaning when you file for divorce, the court will divide the assets and liabilities 50/50 unless a party argues for a different distribution percentage.  By having an antenuptial agreement (also known as a prenuptial agreement or “prenup”), parties can determine before they marry how their assets and liabilities will be distributed should a divorce occur.

 

Who needs an Antenuptial Agreement?

·         You have assets such as a home, stock or retirement funds 

·         Own all or part of a business 

·         You may be receiving an inheritance 

·         You have children and/or grandchildren from a previous marriage 

·         One of you is much wealthier than the other 

·         One of you will be supporting the other through college 

·         You have loved ones who need to be taken care of, such as elderly parents

·         You have or are pursuing a degree or license in a potentially lucrative profession such as medicine 

·         You could see a big increase in income because your business is taking off, or that garage band you play in has just gotten a contract with a big record company. 

 

Why have an Antenuptial Agreement?

·         To establish your own rules for property division and avoid potential disagreements in the event of a divorce

·         Save money on attorney’s fees, time spent in court, and reduce the level of emotional distress of divorce court

 

What can an Antenuptial Agreement do for me?

·         Financial disclosure prior to the marriage

·         Protect inheritance to children born before the marriage

·         Protect family heirlooms, antiques other property

·         Protect inherited property you receive during the marriage

·         Distinguish joint and separate property

·         Determine the division of assets and liabilities

·         Protect business owner’s assets

·         Protect self from debts of the other party

·         Various monetary agreements

·         Retirement benefits

·         Bank accounts

·         Bills

·         Taxes

·         Various nonmonetary agreements

·         Personal preferences/duties

·         Pets

 

What can’t an Antenuptial Agreement do?

Cannot dictate child visitation, child support, child custody

 

How do I get an Antenuptial Agreement?

Please contact my office to discuss drafting a valid Antenuptial Agreement to protect your interests.

 

by Jan M. McCray Flemmons, Esq.