If you are trapped in a loveless marriage, you may feel as if you cannot stay together with your spouse for another day. In marriages where there is domestic violence, getting out as quickly as possible can be a literal lifesaver.
But for many marriages, the spouses have simply fallen out of love with one another and are ready to move on to the single life. For these folks, it is important to take a strategic approach to exiting the marriage. Below are some considerations to keep in mind.
Tax implications
While it’s still only January, April 15 and its tax-filing deadlines are not all that far away. If you and your spouse plan to split up, now is a good time to hash out whether it will be better to file your federal income tax return as a married couple or as a single.
Claiming the kids
If you have minor children or other dependents, the two of you will need to work out who gets to claim them on their taxes. For some divorcing couples, each parent claims a child (or two), while others prefer to alternate by the year. For the best possible results, always loop in your financial adviser when making these important decisions.
Waiting until school breaks for major changes
Some parents find that it is less disruptive to the children to put off any relocations until the end of the school year. That delay can allow the kids to continue at the same school with their friends and teachers. If a move is inevitable, they can use the summer to adjust to the upcoming changes.
Stay informed and aware
Learning all that you can about the divorce laws here in Washington can allow you to strategize your moves and achieve the best possible post-divorce outcome.
