How Timing can Impact Your Divorce
There are many different issues that must be considered and negotiated during a California divorce, including matters of property distribution, spousal support, and child custody. But couples should also consider the timing of their divorce, which can have a significant impact on their overall settlement when it comes to taxes and financial planning. At the Law Office of Bradley S. Sandler in Beverly Hills, our divorce attorney is here to help you navigate your divorce and advise you on all your legal options. To learn more, call or contact the office today to schedule a case evaluation.
Filing for Divorce in the New Year
One option for timing a divorce filing is to wait until the new year to submit a petition to the court. In some cases it may be mandatory based on the residency and timing requirements of California divorces, but if you have the option it may benefit you and your soon to be former spouse when it comes to filing taxes. By waiting until the next calendar year, you and your spouse have the option to file your taxes for one more year as a married couple or jointly but separated. Joint filing has significantly more benefits than filing as a single person, and it could save both you and your spouse money on your returns.
Filing for Divorce after a Child Becomes an Adult
Another timing consideration for a California divorce can be based on your children’s ages. If you have a child who is close to turning 18 years old and graduating from high school, you may be able to avoid the headache of child support payments for that child by waiting until after the child’s birthday or their high school graduation to file for divorce. Typically, the law requires a parent to legally support their child until they turn 18 years old or 19 years old and graduate high school that year.
Filing for Divorce After Reaching Retirement Age
One final consideration is to time the filing of a divorce after reaching retirement age and able to take withdrawals from retirement and pension accounts without incurring penalties. In some cases, a QDRO will prevent any penalties from being incurred for transferring some or all of a retirement account in a divorce, but that only covers certain types of retirement funds. By waiting until after you reach retirement age, it allows for additional options when it comes to splitting any retirement accounts and potentially for negotiation about survivorship rights to a fund in lieu of a transfer in the divorce settlement.
Talk to Our Office Today
The timing of a divorce can have a substantial impact on your overall divorce settlement, and speaking with an experienced California divorce attorney can help you decide whether one of these strategies might work for your situation. To learn more, call or contact the Law Office of Bradley S. Sandler today to schedule a case evaluation.