With this year coming to an end, at Contreras Law firm we’d like to share with you some legal issues that you should start thinking about for the new year. The four main topics we generally recommend our clients to look into before the year ends are:
Family law and/or divorce issues
If you’re thinking about starting a divorce process, the end of the year might be a great time to do that. The reason is that you may not have to split your next year’s tax return with your significant other. However, if you’re already in the middle of a divorce process, it’s important that you try and end that process before December 31st the reason being is that there can be significant tax consequences as well if that process continues into the new year.
Move away with children
If you’re divorced or separated and plan to move with your children for the upcoming year out of state or out of the county, it’s a good time to start looking into the process. The main reason is that the court process can take a significant amount of time, up to six months. If you start the process at the beginning of the year, potentially you’d be ready to move at the end of the school year and start the new school year with your children at the new location.
The end of the year its also a good time to look into your trust if you already have one drafted. You may also need to update your trust if you have a new spouse, new children, or if you added a new property to your estate. If you don’t have a trust drafted yet, this time of the year is great to put your financials in order and give peace of mind for yourself and your love ones in the new year.
If you plan to start a new business or if you already have one but its not registered with the Secretary of State, the end of the year or the beginning of next year it’s a great time to do this. The main reason is that there are significant tax consequences with the state of California, and it’s also a good time to put your business financials in order.
Legal advertisement. This is not legal advice.