If you and your spouse have filed for divorce in 2021, the procedure in Arizona may be a little different. We’re still in the midst of a pandemic, and your family may have experienced challenges with childcare/school, schedule changes with jobs, and layoffs. As you’re trying to establish a new normal, divorce could add another degree of difficulty to this goal.
Even with all these factors in mind, if divorce is the best option for you, there are ways to ways to move forward with your plans. You can work with a legal professional who could assist you in taking the correct steps in your divorce proceedings.
Advantages of filing for divorce early in the year
It is important to note that every family’s situation is different. However, a practical reason to file for divorce near the beginning of the year is accounting. It will be easier to pull year-end income documentation that you’ll need to determine the proper division of assets. Have all your W2s, 1099s, paystubs, and credit card and retirement statements on hand for your attorney to review. Any income from the new year will be viewed as separate property for tax purposes.
Advantage of filing for divorce later in the year
If the country continues in economic uncertainty, you won’t have an accurate way to predict your business revenue or income. If this is the case, it may be better for you to file for divorce later in the year. Wait to see if you or your spouse will receive additional stimulus payments or unemployment benefits so this can be calculated in your divorce assets.
Speak with a qualified family law attorney at the start of and throughout your divorce proceedings to help ensure you’re taking the right steps when it comes to dividing your assets.