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A January Divorce Will Have an Impact on Property Division

A January Divorce Will Have an Impact on Property Division

Posted in High Asset Divorce

Illinois readers know that January typically brings an onslaught of divorce filings as many people choose to wait until the holidays are over to move forward with the process. Divorce attorneys will say that January is one of their busiest months of the year. People often just get through the holidays in anticipation of an impending divorce, but it is important to consider how property division and other factors are impacted by a January file date.

The new year can bring about a renewed commitment that may inspire an individual or both parties to work through issues quickly in order to move on to a new life as fast as possible. While a resolve to work through a divorce without messy litigation can be a positive thing, rash decisions can have a negative impact on a person’s post-divorce future. A person would be wise to seek counsel before committing to any major decision that will have an impact for years to come.

A benefit to filing for divorce in January is that the income of both parties for the year will be well documented at that point. Particularly for high-income individuals, hiding assets or delaying bonuses until after the divorce is final is a legitimate concern. Regardless of income level, working with an experienced divorce lawyer can protect a person’s financial interests.

The month of January will signal the end of a marriage for many couples. By carefully considering the important issues that will impact the months and years ahead, such as property division, a person can take intentional steps toward a strong post-divorce future. Working closely with an Illinois lawyer is the best way to fully understand what options are available.

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

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