By Jennifer M. Paine
If you are divorcing over the next three months – that is, over the holiday season – then believe it or not, you may be divorcing at the best time of the year.
This is because many judges will allow you and your soon-to-be-ex to delay or speed up the divorce process, within a reasonable time, for tax purposes.
For example, if the two of you filing together can take advantage of more exemptions and deductions, not to mention the preferential “married/filing jointly” tax status, you may wish to delay your divorce through the beginning of January 2014.
By comparison, if your spouse failed to withhold taxes from her paycheck this year and/or you are leery of her claimed deductions and you do not want to be liable to the IRS for her tax debt, then you may want to divorce before the end of December 2013 so that you may file a “single” or “head of household” return.
Whether you delay or speed up the process should be a discussion you have with your men’s divorce attorney and tax professional, with these four common issues in mind: