By Kathryn Jankowski, B.A., CFP, FMA, FDS, FCSI
Vice President & Financial Divorce Specialist
It seems January is the busiest month for divorces. Perhaps this dovetails with New Year’s Resolutions and starting anew or perhaps families don’t want to create stress in the family home over the holidays. I remember my spouse leaving the family home on the 26th of December which gave new meaning to the words “Boxing Day”!
There might be other reasons you might want to wait until the new year to go separate ways…or even select a separation date in the new year even if you went splitsville in 2012. Selecting a date for splitting your Net Family Property can have some repercussions on your tax filings. There might be some savings involved in items such as childcare expenses depending on which side of the fence you are sitting on. Employee bonus’ can be savoured or if you are retired ~ pension splitting options might be a consideration.
Keep in mind that even though you went your separate ways in, say, November or December, it doesn’t matter. What does matter is agreeing on your separation date and it might be advantageous to consider choosing a date in the New Year!..or not!!