In many cases, stay-at-home parents put off divorce because they often do not hold the financial power in their household. This causes them to worry about their financial future. Fortunately, there are various ways stay-at-home parents can protect themselves during and after the divorce process. If you are a stay-at-home parent, it is in your best interest to retain the legal services of a knowledgeable Pensacola Divorce Lawyer who can help you prepare for the complex legal process. Please continue reading to learn how stay-at-home parents can protect their rights during a divorce.
How can stay-at-home parents prepare for a divorce?
Understandably, one of the biggest challenges stay-at-home parents face is the cost of a divorce. They are often not the breadwinners, so they typically cannot afford an attorney. However, several divorce routes protect stay-at-home parents’ financial future. That said, as a stay-at-home parent, you should carefully consider your options for dissolving your marriage. You may benefit from pursuing an uncontested divorce, collaborative divorce, or divorce mediation to avoid the costs of a litigated divorce.
Once you have chosen an appropriate divorce route for your needs, you should gather your financial documents. If you don’t handle your household finances, gathering all relevant financial records related to your marriage and children will help you understand your financial circumstances. If you do not understand your financial circumstances, your spouse could hide assets, leading to an unfair divorce settlement. That said, you should make copies of your financial documents.
Moreover, you can benefit from inventorying your personal and family possessions. When divorcing, marital property is subject to equitable distribution. This means any assets accumulated during the marriage will be split equitably between the divorcing couple. Knowing what assets are separate property is critical as they are not subject to equitable distribution. Although there are no guarantees that you will receive a particular marital asset during property division, having an inventory of your valued possessions will help you remember to address them in your settlement.
What else should I consider?
Furthermore, as a stay-at-home parent undergoing a divorce, you should begin planning for your financial future. The primary way you can do this is by considering your employment opportunities. Although you will likely qualify for alimony, you probably don’t want to rely on your ex for financial support forever. Therefore, you should begin to prioritize your career again.
If you are a stay-at-home parent afraid of divorcing because they do not hold the financial power in their marriage, contact a skilled Pensacola divorce lawyer from The Law Office of James M. Burns, who can help you navigate this complex legal process and protect your financial future.
