Smart and savvy couples who are forward thinking often look at divorce as a major financial decision. They carefully assess the impact of their decision on children, family, and finances. Divorcing couples are wise to also consider the timing of a divorce.
At Lauren Taylor Law, we help people make informed decisions and prepare for divorce through careful and intentional planning. Here are a few recommendations regarding planning and when it’s best to get divorced.
Getting divorced in the summer has a few major perks. For instance, if you have children, they are probably not in school. This may be a good time to finalize a divorce because you and your soon-to-be ex will have more time to talk to your children and prepare them. Likewise, it will be easier to make big life changes like moving into a new home, organizing things, establishing new visitation routines, and preparing the children for a new school, if applicable. With planning, you may be able to get these things ironed out before the new school year starts, giving your children as little stress as possible.
Autumn and Winter Considerations
Of course, everyone is different, but the holidays are often a time when family and friends are gathering. It can be very difficult for couples to be in the throes of a painful divorce right in the middle of Christmas or Thanksgiving. Between October and March, there are tons of major holidays, including Valentines. This can make the thought of divorce even more challenging. On the other hand, there are some benefits to divorcing in the holidays. This is a time when your support group (family and friends) may have time off work to help you move. You may find people in a more charitable mood and more likely to assist with things. Likewise, you may have vacation and holiday time you can use to handle your personal errands relating to the divorce.
Spring and Early Parts of the Year
From January through May, it can be an attractive time to divorce, because people feel the desire to “start the new year fresh.” However, there are some drawbacks. Let’s not forget taxes. For the majority of couples, filing jointly is the best option for reducing taxes. If you get divorced at the end of the year after paying fewer taxes as a married couple all year, when you go to file in the spring, you’ll have to file as single. This can mean a huge tax hit.
Most tax experts recommend preparing for this in one of two ways:
- If you know you are getting divorced at the end of the year, switch tax withholdings right away to start having more money withheld; or
- Wait until the first of the next year to make the divorce final.
Start Planning Early
If you and your spouse know you are getting divorced, don’t wait until the last minute to talk to a lawyer about it. Call an experienced South Carolina divorce lawyer to help you work out the details well in advance. This will help ease the stress and help you make the transition smoother. Call Lauren Taylor Law today.