One of the most pressing concerns many have is how the end of their marriage will affect their finances. Money is a common divorce concern, and a California spouse may consider steps they can take that will save them money and allow them to have a strong and stable post-divorce future. It may also be important to consider when to file for divorce, whether now is to optimal time or if it’s prudent to wait until later in the year.
The sooner the better?
In most cases, there is no perfect time to file for divorce. Even in situations where both parties are amicable, divorce is complex and emotional. One thing that may help couples decide when to file is to remember that all property accumulated over the course of the marriage is considered marital property; therefore, it is eligible for division during divorce. The longer a couple is married, the more assets they will have to divide.
Typically, money earned after an initial divorce filing will be considered separate property. Putting off a divorce could make the financial aspects of this process even more complex. It is also likely that filing for divorce earlier in the year could make accounting easier when it is time to prepare for taxes.
A California spouse considering divorce may want to think about taking this step earlier in the year rather than later. However, it may be helpful to seek a legal opinion regarding the optimal time to move forward with filing for divorce. Choosing the appropriate timing is only one aspect of the various decisions one will make in pursuit of a strong financial future after a divorce.