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posted on 10/30/20

A married couple with three children is considering what their future will look like when their youngest child goes off to college next year. They have stayed together for their children, but as they consider their looming empty nest, they are drawn to getting a divorce. Should they put off their divorce, or should they go ahead and file for divorce now, before the end of the year? There are a few financial and personal benefits to filing for divorce before the end of the year.

The Financial Benefits of Getting Divorced Now

Divorcing before the end of the year often makes more financial sense than waiting another year. Couples with higher incomes often benefit from getting divorced before the new year. Taxpayers with a taxable income in the 37% tax bracket, or those with a combined income of $622,050 or more may benefit from filing their tax returns individually rather than jointly with a spouse.

Additionally, divorcing could help a college-age child qualify for more financial aid. When a child names the parent with the lower income as their custodial parent on loan applications, they could receive more federal financial aid. Finally, divorcing before the end of the year means that you will be able to start 2021 as a single individual for tax purposes.

We are Heading Toward the Second Round of Shutdowns

For many of our clients, the thought of going through another year living with their spouse is unbearable. Spending the holidays together may seem like torture, but there is a way out. An experienced divorce lawyer can advise you on how quickly you can finalize your divorce and get on with your new life.

Once you have decided to get divorced, it can be even more challenging to share a home together, especially during the coronavirus pandemic, when so many businesses are shut down. All signs are pointing toward second shutdowns happening in major U.S. cities, including Chicago. There is a second wave of coronavirus spreading through European nations, and the U.K. is considering a second national lockdown. Governments across Europe have begun imposing tough shutdown orders for a second time to try to stop the spread of coronavirus.

For couples who have already decided to get divorced or those who are strongly leaning in that direction, the thought of spending more time locked in with their soon-to-be ex-spouse is daunting. Why not get your divorce finalized so you can start the new year independently.

Contact an Experienced Chicago Divorce Lawyer

When you need a divorce lawyer, experience matters. We offer our clients an initial consultation to get a feel for our legal experience and who we are. We want you to feel confident when you hire us to represent you. We do not provide a free consultation because we view your initial consultation as the most important meeting you will have regarding your divorce. Contact us today to schedule your initial consultation and take the first steps towards your new life on your own.