When couples in Arkansas are facing ongoing struggles in their marriage, there is no wonder that they may consider rushing off to file for divorce as soon as possible.
However, in the long run it will be a very good idea to consider all of the issues surrounding an impending divorce before making a hasty decision. This will be especially true for couples with high-net worth, and those who have accumulated substantial assets.
In fact, there are several good financial reasons to hold off filing for divorce until the New Year. Among the reasons are:
- Wait for a bonus. If you wait until the New Year, then you may be entitled to any amounts that may be paid as a year-end bonus. Once you file for divorce, any income would be considered separate property.
- Avoid revenge shopping. It is possible that filing for divorce during the shopping season may increase the likelihood that an upset spouse will take revenge out financially by spending excessively, draining bank accounts and purchasing big ticket items.
- Tax implications. While high-net worth individuals may not generally have a tax advantage by waiting to file for divorce for a new tax year to begin, tax brackets may go up in 2013, which may affect the tax liability of each individual depending upon the outcome of the divorce.
In the end, if you can cool your emotions and instead think strategically, you may find as many other couples will attest to, that filing for divorce in January will make the most financial sense.
Source: nbcnews.com, “Considering a divorce? Wait until January,” Dec. 26, 2012