June 16, 2022
Planning for retirement is the greatest approach to assure a comfortable retirement lifestyle. The sooner you start investing and the more meticulously you plan, the longer your money will have to grow.
The time needed to create an effective retirement plan might make the process daunting. And even after reaching retirement, managing your retirement is a continuing obligation.
However, the process may be easier by defining a realistic and attainable savings and investment strategy and maintaining a long-term commitment.
Collaboration with Your Lawyer
For the most secure retirement, it may be in your best interest to contact an attorney who specializes in retirement planning. A lawyer specializing in retirement planning can assist you in understanding how to maximize your retirement money and assets.
As you plan for retirement, your attorney can also assist you in taking advantage of favorable tax regulations. You will need to collect several papers and send copies to your attorney. During the evaluation of your papers, you and your attorney may plan your retirement to protect your short- and long-term interests and those of your family. This list of papers your attorney may obtain is not exhaustive.
Financial Records and Account Statements
To estimate your future Social Security payments accurately, you must evaluate your personal and corporate tax filings. Together with additional evidence of current income, these records can be used to establish what proportion of your salary must be saved to reach your retirement objective.
Using bank accounts, certificates of deposit, and other account information, you and your family may assess what immediate cash is accessible. You and your attorney can decide whether account consolidation or account relocation will benefit you best.
- Individual tax returns for the previous three to five years (federal, state, and local)
- Business tax returns for the previous three to five years (federal, state, and local)
- Proof of current income
- Proof of current income for your spouse
- Prenuptial agreement
- Bank statements
- Certificates of deposit
Accounts For Retirement, Stock Portfolios, and Real Estate
Whether you have an employer-sponsored defined benefit pension, a 401(k), an individual retirement account (IRA), or another type of retirement account, you and your attorney can discuss and plan the optimal use of your retirement accounts, taking tax implications into account, so that you can be protected in the future.
Additionally, you and your attorney should analyze your financial portfolio to see if the degree of risk is suitable for retirement planning. Additionally, you should evaluate your mortgages and property valuations to see if selling, downsizing, or refinancing is right for your retirement plan.
- Pension statements
- Retirement account statements
- Social security benefits estimate
- Stock portfolios
- Stock options
- Mortgages
- Loan documents
- Utility bills
- Other bills (e.g., college tuition for children, health and dental insurance premiums, unreimbursed medical bills, etc.)
Wills and Testaments, Insurance Policies, and Personal Property
While planning your retirement, you might also revisit your estate strategy. You and your attorney can examine your will, powers of attorney, and advance instructions for health care. It is prudent to align your estate strategy with your retirement objective. You may also desire to evaluate your life, health, and homeowner’s insurance plans. While many retirees cancel their life insurance policies, you may desire to keep yours for legacy or estate planning reasons.
Conclusion
Final recommendation: examine a list of your personal property, including home furniture, jewelry, artwork, and workplace supplies. As part of your retirement plan, you and your attorney can select which personal property should be liquidated.
The Dorsey Law JAX is an expert in various family law topics. We offer all family legal services, from injunctions against domestic abuse through divorce proceedings. We strive to negotiate agreements but will go to trial without hesitation if required. If you seek a family lawyer in Jacksonville, Florida, we will assist you. Contact us immediately!
June 2, 2022
Getting ready to file for divorce requires you to get your financial documents in order. One of the documents you will file is a Certificate of Mandatory Disclosure. Each party is required to provide documents to the other party. The documents you provide should include tax returns, pay stubs, bank statements, credit card statements, proof of any debts you may have, and liabilities. Aside from this, there are other things that you need to do to get through the process. To help simplify things, we thought it would be useful to put together a brief article on this subject. If this is something that you want to learn more about, read on as we break down everything you need to know when filing for divorce in Florida.
What Options Do Couples Have When It Comes to Divorce?
If the parties can agree to terms, there is also an uncontested divorce. If the parties agree on everything, including the division of assets and liabilities, parental responsibilities, time-sharing, and financial obligations, then our firm can draft an uncontested divorce with all of the documents necessary for filing. Once the documents are signed by the parties, we will present them to court, for review and entry into a final judgment of dissolution of marriage.
How Does Divorce Work In Florida?
In the state of Florida, the first step to getting a divorce is to file a petition for dissolution of marriage. Your spouse is served with the petition and a summons and will then have 20 days to file an answer. Once that answer is filed, both parties will have to file financial affidavits and mandatory disclosure. Depending on the outcome of these steps, the parties may enter into a partial or full agreement, or they proceed through mediation.
If the parties can come to an agreement during mediation, we can set a date before the judge for them to dissolve the marriage. The parties may ask the court to decide issues about financial matter and/or about timesharing. The court will set a hearing for the judge to hear from the parties. Before any court date, I will meet with my client to review what they can expect and to work with them on testifying and responding to questions posed by opposing counsel. If you have a court date, it’s important to be prepared to present your positions and show that you have evidence supporting your arguments.
Which Party Pays Spousal Support Or Alimony?
Either partner may have to pay spousal support. The court first decides whether either of the partners has an actual need for spousal support and whether the other partner has the ability to pay spousal support. After that, the court considers all relevant factors such as the duration of the marriage, the standard of living established during the marriage, the age and physical and emotional condition of each partner, the financial resources of each partner, the earning capacities and educational levels of each partner, the contribution of each partner to the partnership, the responsibilities each partner will have with regard to any minor children they have in common, and any other factor that may be relevant. Spousal support/alimony is not always awarded. It is important to contact me prior to filing for divorce if you believe that you may have to pay spousal support or if you believe that you may be awarded alimony, as we need to develop a strategy as soon as possible.
Child support is calculated using a specific formula based on the income of the parties, the number of overnights each party spends with the child, health insurance, and daycare costs. Courts have the discretion to make alimony calculations based on the parties’ income and expenses as well as other factors such as the length of the marriage, the parties’ financial contributions, and their education.
Conclusion
If you’re looking to explore other means of separation, The Dorsey Law Firm has the best divorce lawyers in Jacksonville. We have over 35 years of experience when it comes to providing clients from all over Florida with legal services. Contact us today to set up your in-person appointment!
May 27, 2022
Divorce is rarely a comfortable experience, but for some, it can be a relaxing one. However, divorce myths are prevalent among even the most casual observer. We’ve assembled five of the most common myths to help you understand the reality.
Common Myths About Divorce That Need to Be Cleared Up
1 – Mothers Always Get Custody
Studies show that mothers are more likely to be awarded physical custody than fathers are, but fathers are not automatically destined to be single parents. Many factors come into play in determining custody arrangements, and the outcome of a custody battle is never a given.
2 – It’s better to stay married “for the sake of the kids.”
It is never a good idea to live in a marriage that is in conflict or that you are unhappy with. Children do best in homes that are stable, nurturing, and happy. Even if your kids would be best off with two parents staying together, you should still be thinking about what you want and need, not what’s best for your children.
3 – Divorce Is Someone’s Fault
When it comes to the end of a marriage, the truth is that it’s rarely one person’s fault. There are always contributing factors and events that lead to a divorce, so it may be better to think of divorce as something that happens between two parties rather than as a reason to blame one or the other.
4 – A Couple Can’t Co-Parent Without Having a Relationship
Divorce doesn’t have to be an all-or-nothing proposition. Many parents, especially those who didn’t have a good relationship during the marriage, don’t think that they can co-parent effectively. That’s not true. You can co-parent with your ex-spouse even if the marriage is over completely. While co-parenting can be difficult and even emotionally draining, it can also be rewarding and beneficial to both you and your child.
5 – Couples Who Divorce Carry a Lot of Regrets
Regret is a common emotion in the face of divorce, but regret isn’t always present, and it can be brief. A good way to determine how much regret you will have is to think about how long your marriage was happy. If your marriage was unhappy for a long time before it ended, you are likely to have less regret than someone who had a short but happy marriage before it ended.
6 – It Is Better to Wait Until Children Are Older
The general consensus seems to be that the older the children, the easier the divorce will be. The truth is that no matter how old the children are, you still need to take your time to grieve, get a lawyer, and prepare for the coming changes.
Conclusion
Divorce has become much more prevalent in our modern society, but that doesn’t mean that it doesn’t come with its own set of myths and assumptions. To ensure that you can avoid some of the common myths about divorce and what this process entails, it is a good idea to contact an attorney today.
If you ever find yourself in need of a family lawyer, contact Dorsey Law JAX. We have the top Jacksonville attorneys specializing in family law, criminal law, and personal injury ready to assist you!
