What Does Divorce Mean for a Stay-at-Home Mom?
Unfortunately, even in 2021, stay-at-home moms can be looked down upon in society. However, this does not mean that you will be left destitute in the event of a divorce. In the state of Massachusetts, divorces need to be fair and equitable. While this does not mean you are guaranteed a 50/50 division of your assets, it does mean that you should not be penalized for your choice to stay at home and raise your family. You contributed to the marriage just as your spouse did, and unless you have a prenuptial agreement in place, you should prepare for lots of negotiation with your husband regarding potential alimony, child custody, the division of assets, and joint debt.
Here are some of the first steps you should take as a stay-at-home mom preparing for divorce:
Gather all of your financial documents.
The best thing you can do to ease the divorce process is to start getting together all of your financial documents as soon as you start thinking about divorce. Your attorney will need W2s, income statements, tax returns, bank statements, investment accounts, and the like. Getting your financials in order will help you and your attorney get a good picture of what kind of financial situation you are in, and coming up with a plan to ensure you and your children will not have a drastic change in financial status.
Gain access to funds.
In order to pay for the cost of a divorce attorney, you will need access to any joint accounts you have with your husband. If you do not have access to a joint account, you will need to create an individual account and add funds from your savings to be able to pay for representation.
Get an appraisal on your marital home.
It is important to get an appraisal on your house so you can see how much your house is worth and, to see if staying in your home is a viable option for you. However, most divorces will be financially hard on both parties, and it may be wise to sell your marital home and downsize.
See about temporary alimony.
Many judges will award temporary alimony to a stay-at-home mom going through a separation as they might not have the necessary skills or background to go back to work straight away.
You will most likely have to start working again.
That being said, you should start crafting a plan for how and when you can return to the workforce. Having a good idea of your skills and what type of profession you are anticipating working in can also help you devise a new budget for yourself based on your current savings and the salary you aim to be receiving in your new job.
Check out your credit score.
You want to make sure that your credit score is in a good position so lenders will feel more confident in your ability to pay back the loans they give you when you take out a mortgage for a new house or car. In order to get a head start on this, start paying off past student loans if applicable, pay your bills on time, and do not use more than 30% of your available credit line on your credit cards.
Hire the right divorce attorney for you.
As a stay-at-home mom, you want to make sure that you’re hiring a divorce attorney who will fight tooth and nail for you, has experience in the field, and a good reputation for getting her clients what they want. It’s important to hire an attorney who is cutthroat in her job, but is also a friend and supporter for you while you go through this difficult time.
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