Putting Off a Divorce Until the New Year?

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January is Considered “Divorce Month”

If you are waiting until the new year to file for divorce, you are not alone. January is sometimes referred to as “divorce month.” Many couples wait until the first month of the new year to file for divorce. There are several reasons why people may wait until after the new year to file for divorce.

Many couples stay together through the holidays for the sake of their children or family. Either deciding together or individually, bringing up a divorce around the holidays can be difficult for children and families. Plenty of parents wait until the holidays are over to break the difficult news.

The holidays can also be a magical time when families overcome problems and enjoy each other’s company. This can influence decisions about putting aside past issues to work together and give the relationship another try. However, after the New Year’s Eve festivities end, life returns to normal where the problems often re-emerge.

New Years is also a time for resolutions. A typical New Year’s resolution may be to stop smoking, drink less, or start going to the gym. However, it may also be a time for life changes like getting a divorce. Even couples who have been together decades may come to a point where they need a change in their life and decide to end their marriage.

Taxes and Divorce

When you file for divorce can have an impact on your federal tax filing. Generally, your filing status depends on your marital status on the last day of the tax year. In order to file as an unmarried person, you have to obtain a decree of divorce by the last day of the tax year.

If your divorce is granted on December 31st, 2022, then you would file as single for the 2022 tax year. If your divorce is granted one day later, on January 1st, 2023, then you would file as married (jointly or separately) for the 2022 tax year. If your filing status will make a significant difference in your taxes, you may want to file earlier or later to have the preferred marital status for the tax year.

Planning for a Divorce

January is right around the corner. November and December may be busy with holidays, vacations, and winter travel. If you are considering a divorce in the new year, contact us at the Drake Law Firm today by giving us a call at  303-261-8111.