January is a very popular time of year to file for divorce. If you are ready to file now, however, you may be wondering whether there is really any benefit to waiting, or whether it makes more sense to file before the end of the current year. If you are considering waiting until January, here are a few pros and cons that could affect your decision:
Emotional Pros and Cons
Most arguments in favor of waiting are emotional. During the end of year holiday season many people spend time with children or extended family members and seek to foster feelings of peace and joy. Sometimes in the rush of visiting and exchanging gifts, not to mention wild winter weather, peace and joy can be hard to come by. Putting a brief hold on a difficult process like divorce may help to keep things stable during this hectic time. If you have children, you may be particularly hesitant to interfere with what you hope will be a happy and festive time for them.
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On the other hand, if you and your spouse are having such a difficult time that divorce is definitely in the cards, waiting may feel artificial. As with all emotional decisions, this decision will be extremely personal. If reconciliation is still a viable possibility, then by all means wait, but if keeping up a front and pretending to snuggle up happily with your spouse is just too painful, then making a clean break with those divorce papers might be the best way for you to find true peace this holiday season.
Financial Pros and Cons
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A more practical reason for waiting until January might be a desire to ensure that all income from the current year is treated as marital property in the divorce. In New Jersey, the date the complaint for divorce is filed generally determines the date that marital property ceases to accumulate. If you expect your spouse to receive a big end-of-year bonus, waiting is the better plan. Don’t assume though, that the entire bonus will be separate property if you file your complaint before payment. Bonuses (as opposed to regular salary) typically represent efforts expended throughout an extended time period, so part or all of a bonus might be marital property nonetheless.
If you are the spouse expecting the big bonus, filing well before the end of the year is your best strategy. As noted, this won’t ensure that the bonus is treated as separate property, but it may give you an argument, at least regarding a portion of the bonus.
You may also want to file as soon as possible if you are married to someone who is financially irresponsible. Spending, especially credit card spending, often spirals out of control during the holiday season, sometimes even for people who are normally fairly frugal. Establishing a cut-off date for the accumulation of marital debt can be as important as establishing a cut-off date for accumulation of marital property.
Most other financial pros and cons are not really related to the date of filing, but rather to the date the divorce is finalized—or in some cases, the date spouses separate either legally or physically. For example, a taxpayer who wants to file as head of household during a particular tax year has to be unmarried or “considered unmarried” as of December 31st of that year, and must have paid more than half the cost of keeping up a home for the same year. “Considered unmarried” can mean legally separated, and a parent who is still legally married but files a separate return, maintains a residence separate from the spouse for at least the last six months of the year, and has a child who qualifies as a dependent living in the residence for at least half the year, is also considered unmarried.
Filing for divorce either in December or January should give you ample time to plan out tax concerns for the coming year. It doesn’t guarantee that you will meet end of year filing requirements, but it does give you a good chance.
For specifics on how separating or filing for divorce in New Jersey might affect you, find more information here:
