“Postponing a Divorce Until The New Year Has Advantages” – DivorcedMoms.com
In a recent article published in DivorcedMoms.com, attorney Alexis Connors explains the advantages of waiting to divorce in the new year for couples heading down that road. She discusses that a couple could face higher tax obligations if they choose to end their marriage before December 31 due to filing individually instead of jointly. When it comes to health insurance, an individual may need to find a new plan if they were covered by the insurance of their former spouse. Connors also includes other considerations for couples, including end-of-the-year bonuses and the importance of consulting with an accountant.
Connors writes in the article, “It’s important to address these issues early with your lawyer and your financial advisors because timing can play an important part in divorce proceedings. Delays may result in increased tax obligations, penalties and interest when tax time comes around. Similarly, it is important for parties to have continuation of health insurance coverage to avoid expensive medical payments or eligibility requirements. To learn more, subscribers can read the full article here.