January is one of the busiest months for new divorce filings – which is why it was creatively coined the “Divorce Month” for the nation. January is traditionally seen as a time for new beginnings and, when the New Year starts, many people commit to turning over a new leaf, which may also mean taking action on things they put off for the holidays.
There are other reasons couples will wait for the new year before filing for divorce, but these are the top three reasons most couples wait – and why maybe you should too.
Most people would rather enjoy the holidays without the stress and upheavals associated with a divorce or custody battle. Waiting after the holidays are done, the decorations are put away, and the family members have gone home is best. This is especially true for those with young children who do not want to confuse or upset them over the holidays.
Waiting for the New Year also means that you can more easily enjoy the holidays. Then, as you set up your resolutions for the year, you can also focus on being single or coping with your new single life.
Most couples experience end-of-year bonuses right before the holidays or immediately thereafter. And, because divorce can be costly, most couples will wait until they secure that bonus at the end of the year before they file for divorce. This also ensures that both parties in the marriage have access to that bonus. If the couple files for divorce before their end-of-the-year bonuses are issued, then one spouse will not be subject to equitable distribution of that bonus (which is considered an asset). And, if that bonus is a substantial amount, it only makes sense to wait until the money has been received and deposited before filing.
New (Tax) Year
Another important reason couples wait for the new year is taxes. If you file for divorce at the end of the previous year, it can complicate tax filings. There are numerous tax implications that come along with a divorce, and closing out the end of the year and rearranging your finances is often easier than attempting to juggle a divorce and tax complications. While filing for divorce in January does not guarantee that your tax situation will be less complicated, it does create a higher chance that you can get through the divorce and not have to worry about a heavy tax burden on top of it all.
Ready to File for Divorce? Contact De Castroverde Law Group
If you and your spouse are ready to file for divorce as part of the New Year, contact the family law attorneys at De Castroverde Law Group. Schedule your consultation at 702-222-9999 or fill out an online contact form with your questions.