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March 2018 Archives

Shared child custody supports emotional health of children

When parents in Minnesota decide to end their relationships, the question of child custody immediately arises. In the past, family courts automatically gave primary custody to mothers, which left fathers less time to interact with their children. Gradually, the requests of fathers to maintain parental relationships have shifted views toward greater equality between parents, and a scientific study has shown that children benefit from co-parenting.

Child support collection process improved

Minnesota families dependent upon payroll collections of child support will be pleased to know the federal agency in charge of coordinating deductions and payments is improving its platform in hopes of increased efficiency. Over $33 billion in child support payments was collected in 2016, the last annual reporting period, and roughly 75% came through payroll deductions. The federal Office of Child Support Enforcement (OCSE) recently announced improvements to their collections process designed to better fulfill its mission of assisting state agencies with enforcing court-ordered payment obligations.

How to divide a retirement plan in a divorce

Couples in Minnesota who are getting a divorce might need to divide a retirement account. If it is an IRA, they will need to roll it over into another IRA account. The bank or other financial services company where the IRA is kept will be able to advise about the paperwork needed and any other regulations.

Post-divorce finances benefit from early planning

Planning for divorce while picking out wedding rings may seem oxymoronic to most Minnesota couples, but the high divorce rates mean marriages fail despite the best of intentions. Carrying health or life insurance is not considered cynical or bad luck, and thinking about worst-case scenarios on the front end of marriage is simply part of cautious financial planning.

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