Are you safe? For some people, safety is a huge concern and a timing for filing a divorce could either improve or impede safety. If you are unsafe, it may be best to first put things in place, such as a restraining order or protective housing, before you file. Maricopa County residents can look here for domestic violence shelters and other information. Financial Factors Some couples may postpone filing until January for tax reasons. Because most divorces are resolved within a year, filing in January sets up the following year’s taxes with different withholding. It can also help simplify end of year finances when it comes to determining who is responsible for what in the new year. When considering when to file, you may also want to consider the access to funds, credit and financial documents needed for the division of assets. You may want to wait so you can open a separate bank account, get savings into place, order credit reports, make new housing arrangements and more. Some items you will want to compile:
- Tax returns for the last five years
- Financial statements from any business interest you and/or your spouse have
- Income information such as W2’s
- Debt information (mortgages, loans, credit cards)
- Asset information (investment accounts, pensions, life insurance, real estate, vehicles, collections, recreational equipment and more)
