As the new year approaches, many people start thinking about fresh starts and significant life changes. Divorce is common at the beginning of the year as people come out of the holiday season, a sometimes stressful time that can be a tipping point for couples who are struggling. If you are contemplating a divorce in 2025, it’s essential to understand the financial, emotional, and legal considerations. Here are some factors you should consider as you prepare for a divorce in the new year. FINANCES One of the first things you should do as you prepare for a divorce is evaluate your financial situation. Gather your financial statements, bank account balances, and any other money-related documentation. The end of the year is a great time to discuss finances, as couples usually discuss spending during the holidays. Talk about your investments, retirement contributions, and overall family budget. Make sure to also inventory your assets, like real estate or valuables. The more information you have on your financial situation, the better off you will be when dividing assets. TAXES Your marital status in terms of tax filing is based on your status on Dec. 31. So, if you are waiting until the new year to get divorced, there may be tax considerations you have to account for. You may have to file jointly with your spouse for another year of tax returns. If you have children, you may have to alternate years where you claim them as dependents. YOUR FUTURE As you prepare to leave the relationship, you must start planning for your future. There will be several financial situations and steps to take when you are newly single. If you don’t have a credit card in your name, this is a good time to do it so you have extra funds and can establish credit in your name. Budget out what you’ll need to cover potential moving expenses. Divorce is a major life change and could be a fresh start for you in the new year. Planning ahead, understanding your finances, and considering the tax implications as you make this decision is essential. At Douglass & Runger, we are here to guide you every step of the way. Contact us today for a consultation. New Year, New Beginnings Key Considerations Before Filing for Divorce in 2025
Exquisite Lemon Bars
Ingredients •
2 cups all-purpose flour 1/2 cup powdered sugar 1 cup butter, softened
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1/2 cup fresh lemon juice 2 tbsp grated lemon zest
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1/4 tsp baking powder
4 large eggs
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1/4 tsp salt
2 cups granulated sugar
Directions 1. Preheat oven to 350 F and grease a 9x13-inch baking pan. 2. In a medium bowl, combine flour and powdered sugar. 3. Cut in butter until the mixture resembles coarse crumbs. 4. Press mixture into prepared pan. Bake for 15 minutes or until lightly browned. 5. In a large bowl, whisk together eggs, sugar, lemon juice, lemon zest, baking powder, and salt. Pour over crust. 6. Bake for 25 minutes or until set. Allow to cool before cutting into bars. INSPIRATION “If you own this story you get to write the ending.” —Brené Brown
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