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.
Pennsylvania law calls for the equitable division of marital estates, but that does not mean married couples in the Keystone State are unable to decide for themselves how their assets will be divided should they choose to divorce. Drafting a prenuptial agreement allows couples to avoid acrimony while addressing thorny issues like property division and spousal support, and these documents may also help marriages to endure by providing spouses with a clear understanding of where they stand.
Some individuals in Pennsylvania are pretty sure they want a divorce but have doubts in the back of their mind, perhaps wondering if they are making the right decision. The whole process would be much easier if there was one thing that indicated the marriage should end, like abuse. Normally, though, it is not so easy to make this decision since there are many factors that combine to cause a person to want to end their marriage.
Couples in Pennsylvania planning their wedding may not want to put too much thought to divorce at a time when they are celebrating their relationship. However, given that nearly 50% of all marriages end with a divorce, it can be an important consideration to keep in mind. After all, people take out insurance to cover far less likely risks. In addition, planning for divorce at a time when people are enjoying a healthy, loving relationship can help to ensure a fair outcome and generosity between both parties.
When Pennsylvania couples are expecting a newborn, this may be the last time that they want to consider the possibility of divorce. However, it can be an important time to think about issues that could arise if the couple separates while they are feeling positive about one another. Child custody and child support can be some of the most contentious issues in a divorce. However, they are far from the only issues of concern. Prenuptial or post-nuptial agreements can help people to prepare in advance for some major divorce matters.
Divorces involving older couples are becoming more common in Pennsylvania and around the country. What is known as the gray divorce rate has more than doubled in the last three decades, and property division and spousal support negotiations tend to be more complicated when spouses over the age of 55 are involved. These talks frequently touch on complex financial matters, so it may be wise for spouses to prepare themselves thoroughly even if a bitter court battle seems unlikely.
Since 1990, the divorce rate has doubled for those who are over the age of 50. There can be a variety of negative consequences for older Pennsylvania residents and others who experience the end of a marriage. Research has discovered that those who go through a divorce at an older age may be more depressed than those who lost a spouse. The financial impact can be significant as well.
For some people in Pennsylvania, prenuptial agreements seem to be a matter only for the wealthy or major celebrities. After all, prenups can be an important mechanism to protect people with major assets, family businesses or large inheritances in case of a divorce later on. However, many people of all financial backgrounds can benefit and protect themselves through the use of premarital agreements. Investing in a prenup early on can save not only on attorney fees but also on the more fundamental expenses that can come with a divorce down the line.
In Pennsylvania and across the United States, married couples often feel stress when they decide to get divorced. In addition to emotional issues, couples must divide their accumulated assets and debts. Student loan debts are more complicated because the court needs to determine which spouse must pay back the loan. One common rule is that a student loan debt occurring before the marriage belongs to the person who took out the loan. The other spouse is not normally accountable for the loan because the court deems it as separate property.
A person in Pennsylvania who is going through a divorce might be concerned if a higher-paid spouse loses a job during the process. The lower-earning spouse might be worried about whether the spouse can continue paying support during this time or even worried if the spouse is being entirely truthful about the circumstances around the job loss.