January 25, 2014 /24-7PressRelease/
-- Historically January has been a popular month to divorce. After the holidays, which can be stressful, and the obligations that come with the holiday season, many couples begin to think of moving forward with what is best for themselves and their families with the coming new year. Spending more time together may also exacerbate problems that have been building up for months or even years. One survey found that the most common issues that arise during the holiday season that lead to divorce are financial fights, excessive alcohol consumption, fights with in-laws and arguments over cooking and buying presents.
That is not to say that January brings about spur of the moment decision to divorce. However, couples that have been considering divorce for some time often choose a new year to cut ties and begin with a fresh start.
Finances may be a factor
Financial considerations are the number one cause of divorce at any time of year. But money issues may delay a person from filing for divorce until the beginning of the new year. For example, expectations of a a year-end bonus may make a spouse wait until the check is received to ensure that the money is marital property and subject to division.
Divorce also has many tax implications. By beginning the divorce process early in the year it can be easier to resolve certain tax issues. For example, who gets to use the mortgage deduction? Who will list the children as dependents? Divorce does not happen overnight but if both parties desire it the divorce process can usually be resolved in a year. That means certain deductions can go to one spouse or the other for the whole year, whether or not the divorce is finalized early in the year or on Dec. 31.
In addition, often taxes are higher for people who file as single individuals, rather than as a married couple. That is why often people wait until January to finalize a divorce -- in some cases this decision can save thousands in tax dollars.
Many considerations go into a divorce
Divorce is unique to every married couple. What is best for each person in the family can vary depending on the circumstances. For example, if one spouse is worried the other will try to hide financial assets
, it can be beneficial to delay filing until an organized and accurate picture of the couple's joint assets is established. Another option is a collaborative divorce
, which resolves all divorce issues outside of a courtroom as is generally more amicable and quicker than obtaining a contested divorce.
People considering a fresh start in the New Year and who believe divorce is right for them should contact an experienced family law attorney to discuss their legal options.
Article provided by Bloch and Whitehouse, P.A.
Visit us at www.blochandwhitehouse.com