Timing of Divorce

Financial Implications of Divorce

Many individuals believe that filing for divorce is a decision primarily driven by emotions, but it can also have significant financial implications. For instance, an individual's tax filing status is determined by their marital status at the end of the year. Therefore, if a divorce is finalized within a calendar year, both spouses would file tax returns as single individuals for that year, and they would lose any tax benefits that are available to married couples. Additionally, unless a marital agreement specifies otherwise, retirement benefits and other forms of income, including deferred compensation, are considered marital property. As a result, if an individual will not receive payment or compensation from an employer until a specific date, obtaining a divorce before that date could result in certain funds being classified as separate property.

Factors to Consider in the Timing of Divorce

The timing of a divorce is a critical consideration, as it can impact various financial and legal aspects of the proceedings. Spousal maintenance, or alimony, is one such aspect that is affected by the length of the marriage. If a court deems that maintenance is warranted, it will take into account the duration of the marriage to determine the length of the support obligation. For instance, if the marriage was less than ten years, maintenance cannot be ordered for more than five years, and for marriages between ten and twenty years, maintenance cannot be ordered for more than seven years. On the other hand, for marriages lasting thirty years or more, alimony may be granted for up to ten years. Therefore, if a party seeks alimony, it may be beneficial to delay filing for divorce to increase the duration of support granted. Conversely, a party wishing to avoid paying alimony would likely file before a milestone that could result in an increase in the length of the support obligation.

While the timing of a divorce may not impact child custody determinations, the ages of the children may be a factor in assessing when to file. Depending on the children's needs and level of independence, filing at a specific time may offer advantages. Additionally, while a child's preference is not the sole reason for determining custody, a court will take into consideration the preferences of children aged twelve or older when making a decision.

Speak with an Experienced Divorce Attorney

When considering filing for divorce, various aspects can influence the ideal timing, and it's crucial to consult an attorney before taking any steps. The attorneys at Wilson Whitaker Rynell can provide guidance on your rights and work towards achieving the most favorable outcome possible if you decide to pursue divorce. Our firm represents clients in divorce cases in various Texas cities, including Dallas, Austin, Houston, Fort Worth, and all cities within Dallas County, Tarrant County, Collin County, and Denton County.