You know your marriage is over, but you wonder if there’s a specific time that’s best to file for your divorce.
Strategically timing your divorce can have a big impact on your divorce settlement. Here are some of the strategic factors to consider for choosing when to get divorced.
How Timing Can Affect Your Financial Obligations Post-Divorce
The timing of your divorce can impact your financial responsibilities post-divorce. Many states calculate things like alimony or child support based on your most recent tax return.
If you expect a big raise in the future, it would be prudent to file divorce before your next tax return. This can result in lower potential alimony or child support payments.
Furthermore, if you expect a big windfall, such as an inheritance, getting divorced before it happens can ensure it is treated as separate property, rather than shared property.
Alternatively, if you anticipate job loss, waiting until after the job can ensure you don’t get financial responsibilities that you can’t handle. Being jobless can put you in a better financial position to file for a divorce or legal separation than if you were still employed. Your income is one of the more important factors your family law judge considers when awarding alimony, dividing marital property, and deciding how much child support will be paid and by whom. A judge will find it difficult to require you to pay a large amount of alimony or child support if you have no income. If you previously earned high income, cannot immediately find a similar-paying job, and your marriage is “over,” it may be the right time to file.
Taxes are another crucial aspect to consider when deciding the timing of your divorce. Filing jointly as a married couple often results in tax benefits, such as lower tax rates and higher deductions. It might be financially advantageous to time your divorce so that you can still file jointly for the upcoming tax year. Consulting with a tax advisor can provide insight into how different filing statuses will impact your finances and help you plan the best timing for your divorce.
Consider Your Children’s Situation
If you have kids, their stability is crucial. Are your children close to finishing school or leaving the house?
If so, waiting until they’re older might make sense. It could eliminate custody battles since they’ll be independent soon.
This doesn’t mean you should stay in a bad situation. But it’s a factor to consider if things aren’t urgent.
Consider The Impact of the Real Estate Market
If selling the house is part of the plan, watch the real estate market. A seller’s market might mean you could get more money for your home. But a buyer’s market could lead to a loss. Timing the sale can impact how much you walk away with, which affects the financial settlement you and your spouse will share.
Be Sure to Balance Strategy with Personal Readiness
While strategic timing can play a role in deciding when to divorce, your emotional health is just as important. Divorce is a big step and it’s okay to wait if you’re not ready.
Divorce is a deeply personal decision, and no amount of planning can replace your own intuition and readiness to move on. Whether you are driven by emotional, financial, or practical reasons, it’s essential to listen to yourself and choose a time that feels right for you. Remember, there is no perfect moment, and prioritizing your well-being and peace of mind is crucial
Strategy is important, but it’s not everything. The best time for divorce is when it feels right for you. Don’t stay in a toxic environment if you don’t have to.
Consider Divorce Mediation for A Faster, More Affordable Divorce
Divorce will change your life forever. It can be scary to feel like everything is out of your control. Fortunately, there is another way to divorce without the courts. Divorce mediation allows for a private divorce that gives you more control – at a flat-rate cost.
During divorce mediation, you and your spouse can negotiate the outcome of your divorce when it comes to child custody, property division, and alimony. Instead of fighting, you can work together to craft a settlement that gives you both what you want.
For personalized advice and support, consider contacting me today @ 843-323-4687. We’re ready to help you achieve a fair settlement while minimizing stress and conflict.
About Catherine Marra
Catherine Marra is a Mediator with over 30 years of experience in Family Law, including 20 years in private practice and 10 years as a Family Court Magistrate. She uses her knowledge and experience to guide couples in negotiating divorce settlements so they can save money, complete the divorce process quicker, and get better outcomes than they would at trial.