While following the lead or advice of a celebrity may not always be the most advisable thing to do, it appears that some stars may be able to set at least one solid example when it comes to divorce. Company executives and celebrities alike appear to understand that the beginning of a New Year isn’t just a time for resolutions that will likely be dropped before the month is up. Instead, they apparently understand that filing for divorce at the start of the year can sometimes be an exceptionally beneficial time to do so.
The rush to file once the calendar flips over to January is less likely to be from a sudden epiphany and more likely to be driven by simple financial factors. If a couple decided to divorce in the latter part of 2014 but failed to conclude proceedings before the year ended, even if they wrap up their divorce before tax filings are due in April, they would still have to deal with one another for tax purposes. Oregon couples who wait until the New Year and then conclude divorce proceedings within that same year will likely already have tax issues worked out for the following year’s filing, and can both file separately.
Aside from tax benefits, closing out a fiscal year typically gives individuals a clear and mostly concise view of where their finances stand. As part of asset division can involve asset valuation for pricey assets, businesses or homes, taking care of this at the start of a new fiscal year can just make more sense to some. Additionally, if one party suspects that he or she will be owed some type of support payment, most financial information will be readily available at the beginning of the year, which can make it easier to determine how much is owed.
Oregon couples who intend to divorce may want to also consider some of these factors when contemplating when to file for a divorce. No matter their wealth or assets, virtually any couple can benefit from completing a divorce in time to file taxes separately in the following year. For those who feel that this course of action may be appropriate for them, now may be one of the easiest times to collect most of the needed financial documents.
Source: Forbes, “Resolving To Part Ways — The Top Reasons Some Ultra-Wealthy Individuals Will Begin The New Year By Filing For Divorce“, Russ Alan Prince, Jan. 12, 2015