A few options, depends on how you choose to represent the flow of your Use Case.
- Sequence Diagrams: UML has the idea of timers built in, see e.g. here. You could show the time expiring (i.e. end of return period) as the trigger for determining subsequent behaviour.
- If you use an Activity Diagram, you could simply have a decision point with two routes out (<1 day since purchase / >=1 day since purchase). [This is I think the same as your guard condition suggestion].
- If you use textual steps, put the "happy day" case in the main flow (probably less than one day" then add an extension to cover the exception flow (>1 day).
Example of the last one for clarity:
Main Flow
- Returned item received from customer
- Return date confirmed as less than maximum return interval (1 day)
- Customer refunded
- ...etc.
Exception Flow: Maximum return interval exceeded
2a. Return date confirmed as greater than or equal to maximum return interval
3 Whatever you do in this scenario...
Bottom line, there are options. Which to choose depends on your modelling preferences. But to answer your original question: a guard condition is perfectly acceptable.