Divorce at the beginning of year has benefits

 Posted on February 04, 2016 in High Asset Divorce

With the New Year in tow, many people in Illinois may be feeling a renewed determination to chase after a healthier and happier life. For some individuals, this may mean finally getting divorced and moving on with their lives. Initiating a divorce during this time of the year has many benefits.

First, the holidays are over, so a person does not have to worry about juggling a divorce proceeding with the stresses associated with end of the year festivities. These stresses include shopping, decorating, traveling, attending ceremonies and planning. In addition, waiting to get divorced after the holidays can prevent them from being unpleasant for the person's children.

Another benefit of getting divorced at the beginning of the year is that people's year-end incomes have already been documented as well as deposited. If a person initiates a divorce prior to the start of the year, his or her spouse might arrange not to get his or her annual bonus in December and instead put it off until after the couple's divorce has been finalized. In that way, the spouse may not be required to share the bonus; on the contrary, if the bonus were to come before the start of the new year, it would be subject to property division in the divorce.

The process of an Illinois divorce can be both emotionally overwhelming and financially complex. This is particularly true for couples who have accumulated many assets over the years or who have high-value assets. However, proper legal guidance may help an individual facing these issues to successfully fight for one's fair share of assets while considering the other party's needs as well.

Source: Forbes, "Should You Start Divorce Proceedings In January?", Jeff Landers, Jan. 26, 2016