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Once the petition is in progress, would I be able to travel? I need to travel back home in April 2014 to get married. Being on F1-OPT, I think my F1 becomes null after I apply for a green card. Is that so? If that is the case I'd best start the process after I come back in May?
While your I-140 is pending and after it is approved, you can travel outside the US as long as you have a valid (i.e., not expired) visa stamp. If you are in H or L visa status, you do not need to get AP before traveling outside of the U.S. after filing the I-485.
However, if you are not in H or L visa status, after you file the I-485, you must have an advanced parole document (AP) to travel outside the US while your I-485 is pending. In order to get an AP, you will file an I-131 with your I-485 (no additional filing fee). Once USCIS receives your I-131 it takes 1-3 months to get the AP. If you have an urgent situation and need to expedite the processing of your I-131, you can make an appointment using InfoPass.
Neither filing an I-140 nor filing an I-485 affects your nonimmigrant visa status. But, if you were to try to apply for OPT extension after having filed the I-140, you may have problems for the reason that the F visa does not allow immigrant intent, and by filing the I-140, you will be showing your intent to immigrate, to some extent.
The immigration officer will review the surrounding factors to determine if you have shown immigration intent when reviewing any OPT extension request, such as keeping a foreign residence, etc. If they determine you have shown immigration intent, your OPT extension request might be denied.
You will not be able to exend your OPT after having filed the I-485, as by filing the I-485, you will be clearly demonstrating your intent to immigrate.