Divorce is hard enough on its own, but it can be even more challenging for a stay-at-home parent. After giving up their careers and relying on their partners for financial support, stay-at-home parents often face economic uncertainty in the event of a marriage breakdown. However, having the right team behind you, such as an experienced divorce attorney Scottsdale AZ, can make a big difference. If you are a stay-at-home parent going through the divorce process or thinking of pursuing a divorce, read on for more information on how to take your next steps.
Understand Your Financial Position
Getting a handle on your financial situation might feel overwhelming, but it will ensure that you are on solid ground when negotiating settlements or requesting child support. You need to gather and organize all relevant financial documents, such as joint bank account statements, real estate holdings, and investment accounts. Don’t forget about liabilities such as loans, credit card debts, and mortgages as well.
It is important to distinguish between what is jointly owned and what belongs to you individually. Some assets and liabilities may be straightforward, like a car that is just in your name. Others, like a jointly owned home or shared debts, can complicate financial settlements. Having a list of everything will allow your financial advisor or lawyer to paint a clear picture of your net worth as a couple.
Next, create a detailed budget that reflects your new reality. Consider all possible sources of income, including alimony, child support, and any potential earnings. Factor in all expenses, such as housing, utilities, groceries, and childcare. It is a good idea to consult with a financial advisor who specializes in divorce. They can help you understand how much money you will need to maintain a stable lifestyle post-divorce.
Assert Your Rights with Legal Support
The legal aspects of divorce can be daunting. As a stay-at-home parent, it can be hard to quantify what you do but know that your childcare and homemaking efforts have intrinsic value. Look for a family law attorney experienced in handling divorce cases for people like you. Your attorney should understand the nuances of your situation and fight for a division of assets in a way that fairly reflects your contributions to the household.
The custody of your children will, no doubt, be a top concern for you. Many stay-at-home parents worry that they may face challenges in obtaining custody as they are not the primary breadwinner. The good news is custody decisions are based on what is in the best interest of the children, and your ability to care for them can be a crucial factor, especially if you can demonstrate a stable and nurturing environment.
Alimony and child support will allow you to maintain a stable financial position before you reenter the workforce or establish a new source of income. The court usually decides these based on various factors including the duration of the marriage, each spouse’s earning potential, and the needs of the children. A lawyer can help to present your case strongly and advocate for the financial support you deserve.
Plan for Financial Independence
Unless your alimony and child support payments are guaranteed to continue indefinitely, you should plan to be financially independent of your ex. This usually means a return to the workforce. After years out of the loop, you may need additional training to update your skills or transition to a new career. Look for online classes or community colleges with flexible schedules that allow you to care for your children while upgrading yourself.
Focus on using the skills you have honed as a stay-at-home parent. Skills such as organization, time management, conflict resolution, and multitasking are valuable in the workforce. Think about jobs that can use such skills, and do not be afraid to highlight them to make your resume stand out. Reach out to former colleagues and friends to see if there are any opportunities that you may not find through traditional job searches.
If you have not already, start building your credit. This will allow you to obtain credit cards and loans for a car or property in the future. A financial advisor can work with you to come up with a plan to gradually improve your credit score. They can also help you to set long-term financial goals. This could include saving for retirement, investing, or purchasing a home. Having a plan can provide a sense of security and direction as you embark on your new life.
Look After Yourself
Although focusing on financial and legal considerations is important, do not neglect your emotional well-being. Divorce is a stressful time, and taking care of yourself is paramount. Whether it is through therapy, support groups, or friends and family, having a support system in place can provide comfort and guidance through this challenging time. Be sure to also make time for self-care and activities that nurture your well-being.
Facing divorce as a stay-at-home parent can be scary. Thankfully, there are many professionals and resources available to help you navigate this process. By taking stock of your financial position and putting a plan in place to fight for what is rightfully yours and rebuild your financial independence, you can come out of the divorce with a sense of empowerment and a promising future.