PressMediaWire.com (Press Release Distribution) – Dec 19,2012 –
SAN DIEGO-As the 2012 year comes to an end, many couples are contemplating finally following through with the divorce they’ve wanted for a few months. The stress of the holidays can magnify a couple’s struggles as well. According to a ChicagoNow.com article, writer Nick Augustine recommends that separating spouses postpone their divorce until the beginning of the new tax year-any day after Dec. 31.
A splitting couple can receive the tax benefits and exemptions of filing jointly by postponing their divorce until the start of a new tax year. What should the spouses do during the wait?
“Couples can benefit from postponing the divorce until the beginning of the tax year,” said John Griffith, a divorce lawyer in Carlsbad. “The wait gives both parties more time to prepare financially and mentally for their divorce. They could gather their tax returns and begin planning the division of assets.”
The IRS determines the marital status based on the couple’s status as of Dec. 31. If a divorcing couple wants the benefits of filing jointly-this is especially advantageous to couples that lived together for more than 6 months, they should schedule their divorce after the start of the new tax year.
“Some couples may not be able to wait to file their taxes jointly,” said a child custody lawyer. “It would not benefit couples whose divorce involves domestic violence or where the couple has lived apart from each other for 6 or more months as of Dec. 31.”
Separating couples should be very thorough when applying for a joint tax return. They could become a liability in the event something isn’t filed correctly or the couple doesn’t qualify for filing jointly. If the spouse can prove they qualify for the ‘innocent spouse rule,’ they may avoid liability, according to DivorceInfo.com.
A couple that carefully approaches their divorce-especially with the help of an expert in family law mediation-benefits from postponing their divorce until the beginning of the tax year.
Learn more from San Diego family attorneys by visiting www.SanDiego-Divorce-Law.com. To schedule your free initial consultation and case analysis, please call 858-345-1720.
About Griffith & Young
The divorce lawyers at Griffith & Young have extensive litigation experience in all areas of family law practice and California divorce law. Based in San Diego, Griffith & Young offers low flat fee services, a sliding hourly scale and military discounts.
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