Here are Some Points to Consider
A common question that people ask is, “When is the best time to file for divorce?” There is no clear-cut answer to this question and, in actuality, the answer depends on your personal situation and goals. Divorce is a difficult process no matter the time of year, and there is not a huge benefit to filing in the winter opposed to the summer. But if divorce is something that you are considering, January may be a good time for you to initiate the process. Many people file for divorce with little regard for the time of year, but there may be some benefits to filing in January that may have value to you in the long-term.
A New Beginning
Many people view the beginning of the year as an opportunity to improve themselves and start a new chapter of their lives. For some, this may include leaving a marriage that is already irreparable. New year goals can be a healthy motivator for those that wish to file for divorce but have not yet had the courage to do so.
Tax Considerations
In order to file a joint tax return with your former spouse, you have to have been married on the final day of the year. That means, for the year that your divorce is finalized, you can no longer file joint tax returns as a couple. Knowing this, filing for divorce in January may be beneficial in a few of scenarios. If your divorce is uncontested or able to be finalized within a few months, waiting until January to file may be the best choice to ensure you can file joint tax returns for the prior year. On the other hand, if you wish to file separate tax returns, filing in January may also be the best choice in the event that your divorce will take longer but can still be finalized before December 31. Overall, depending on your earnings, deductions, or relationship with your ex-spouse, you may want to file jointly or separately for a given year, and filing in January may give you the best chance to plan accordingly.
Parenting Time
Although the time of year that a divorce is filed does not have any real effect on the amount of parenting time each spouse gets, filing in January may give you and your former spouse more time to make decisions on major holidays. Although each parenting schedule is different and depends on a myriad of factors, a major part of finalizing a parenting schedule is deciding how to split major holidays with the children. Many former spouses alternate major holidays. However, coming to an exact schedule takes time, and by filing in January, you and your former spouse have a more significant amount time to decide parenting time for holidays like Halloween, Thanksgiving, Christmas, and Hannukah.
Simplifying Accounting and Document Collection
One of the biggest and most tedious parts of a divorce is often the collection of financial documents, which will be disclosed throughout discovery and the case in general. For many people, collecting credit card statements, retirement account statements, and tax documents can be overwhelming. However, if you file for divorce in January, some of these documents may be easier to collect. The beginning of the year is when employers typically send out W-2 and 1099 forms in advance of tax season. Additionally, because January is so close to the end of the prior year, full credit card, bank, and retirement statements may be easier to retrieve in full.
Call Hayes Law Today
If you are considering filing for divorce in Illinois, contact Hayes Law today for a free consultation. Our experienced attorneys are ready discuss what is the best next step in your specific case.
