December Means Divorce for New Yorkers Seeking Income Tax Savings
There are many people who make New Year's resolutions to work on their marriage. Perhaps they will strive for better communication, liven up the romance, or give their partner more attention and patience. Then there are those who can't even wait for the ball to drop before dropping their spouse. Why start the year off miserable when you can hit up Tinder and eHarmony with some fresh faces for winter?
That's exactly what some New Yorkers are doing.Rushing to divorcebefore New Year's Day. While January is typically the month which sees the highest divorce numbers nationwide (due to lousy Christmas presents, perhaps), New Yorkers are always on the move, and hope to finalize their splits in December, all to pocket the income tax savings they'll reap… making up for those aforementioned lumps of coal.
As per divorce lawyer Susan Moss of the firm Chemtob Moss Forman & Talbert, as reported in The New York Post, "If you're divorced as of 11:59 p.m. on Dec. 31st, you can file as single for the entire year." This could relieve already contentious couples from a large portion of the money matters which are often a major factor as to why couples call it quits in the first place.
The New York Post also notes, as per accountant David Barral, "Higher-income married couples get hit with what's called the 'marriage penalty' because they're in a higher tax bracket due to combined income." A couple planning to split anyhow would save tens of thousands of dollars by going their separate ways before the clock strikes 12 in the wee hours of New Year's morning.
There is hope, as per Time, "The U.S. divorce rate dropped for the third year in a row, reaching its lowest point in nearly 40 years." So even if New Yorkers are divorcing to save from tax headaches, at least we can say more marriages are lasting. For another year at least.
Are you in New York State and have decided your "for better or for worse" is worse than worse and need some info about planning for a divorce in NYS? Check out Her Justice for the basics of getting a divorce, from filing, to costs, to legal necessities, and more.