For many people, the holidays are a time to reflect on the year that has passed and set resolutions for the one to come. But for couples who are considering divorce, the end of the year can be a source of added stress. If you're in this situation, you may be wondering whether it's better to wait until the holiday season is over to file or if there's any benefit to divorcing before the new year. Here's what you need to know.
Tax Benefits of Divorcing Before Year-End
If you're hoping to receive any tax benefits from your divorce, you'll need to finalize things before December 31. That's because, in order to file separately, you must be divorced by the last day of the tax year. However, it's important to note that if you cannot meet this deadline, there may still be some options available to you. For example, if your divorce is pending but not yet finalized, you may be able to file as married filing separately for that year. Speak with your divorce attorney or financial advisor about what makes the most sense for your situation.
Create a Fresh Start in the New Year
Although going through a divorce is rarely easy, starting fresh in the new year can be an empowering experience. Filing for divorce early can help you move on from your marriage and start fresh in 2023 with a clean slate. This can be especially beneficial if you have children; beginning the new year as an unmarried parent will allow you to set new traditions and establish different routines than you had when you were part of a couple.
In Life, There Are Options. In Divorce, There Should Be Options Too.
The decision of whether or not to divorce before the end of the year ultimately comes down to what makes sense for your unique situation. At Berkman Bottger Newman & Schein, our divorce attorneys understand that you might wish to make a clean break before the start of 2023. That's why we're committed to finding the legal solutions that make sense for you. Whether you need counsel during mediation or representation in court, our team is here to help.
Call our firm at (212) 466-6015 to schedule a consultation with a member of our team and learn more about making a fresh start in the new year.