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January 2020 Archives

What to consider when splitting an IRA in a divorce

Pennsylvania residents and others who have an IRA may have to give a portion of its proceeds to a spouse in a divorce. In most cases, splitting an IRA is an easy process to complete. However, this may not be true if an individual has opted to take scheduled annual payments before reaching age 59.5. Those who opt for 72(t) distributions can access money in their IRAs without having to pay a penalty.

Parenting plans can change as children grow

When parents in Pennsylvania decide to divorce or separate, it can be a challenging transition to co-parenting. Even when parents have had conflicts in their personal relationship, co-parenting requires them to find a way to work together to put the best interests of their children first. A parenting plan can help to deal with scheduling as well as key agreements for the children's development. Of course, setting a child custody schedule can vary widely depending on the age of the child. Babies and toddlers may rely strongly on a primary caregiver but still need extensive time with the other parent in order to help the parent-child bond develop.

January is known for a high number of divorce filings

Happy New Year! Now is the time when people are working hard to keep the resolutions they've made for the year. For many individuals in Pennsylvania, that includes getting out of relationships that are bad for them. This is one reason why January has a high number of divorce filings -- people simply want a fresh start.

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