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Thinking about Divorce? 4 Reasons to Wait until January!

February 21, 2022 By Danielle

No divorce is the same, and the variables are often uncontrollable, but what you can control is when to file for divorce. In order to avoid economic and social instability, wait until January for the four following reasons.

1.Revenge Spending
December is the season to go shopping. An aggrieved spouse may rack up large bills as revenge to a divorce notice. This runs the risk of lowering credit scores and increasing debt for unsuspecting partners. By January most shopping has been completed and the desire for a shopping spree may have decreased.

2.End of Year Bonus and New Year Benefits
Property acquired after parties marry is referred to as marital property. The spouse who receives a bonus in December from their employer may keep a portion of the deposit as separate property if they file for a divorce before the end of the year. Delaying a divorce until January allows the opportunity that both the full bonus and the entire income from the year may be deemed marital property.

3.Retirements and Revenue
Accounts for retirements such as IRA and pension accounts may be divided during a divorce. How much a spouse is entitled to is calculated based on the amount contributed during the marriage. Waiting until January may provide a clear cut off date and simplify the calculation of assets to determine individual shares.

4.Maintaining a stable home environment
The transition through a divorce may be unsettling for children who need calmness and security to cope with the changing family dynamics. Once January arrives and the children return to school, you and your partner may be better able to carry out the divorce process with more space, time and privacy.

Filed Under: Blog: The Barker Chronicles

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