Divorce can upend anyone’s finances, but stay-at-home parents are particularly vulnerable. Even just a few years out of the workforce can diminish your earning ability significantly, and you might also have to deal with childcare and commuting costs. As you approach this major transition, it is vital to secure divorce terms that allow you to move forward on a sturdy financial foundation.
Traditionally, most stay-at-home parents have been mothers, but in some cases, it is now men who are put into a difficult position after they have been handling domestic responsibilities. Regardless of your gender, there are several ways you can protect yourself if your marriage is ending:
- Be practical about your home — Having to leave your home as part of a divorce can add an additional trauma to an already difficult situation, especially if that’s where you’ve spent most of your days for the past several years. Your spouse might offer you the home as part of the division of marital property, but that could end up hurting you in the long run. Mortgage payments, property taxes and upkeep costs could might make it difficult to live the life you want. Don’t let emotion put you in a tough spot.
- Develop a detailed back-to-work plan, if needed — As soon as you start the divorce process, you should ask your attorney about what type of maintenance (alimony) award you can expect under New York’s guidelines, including the duration of payments. From there, assess the additional income you’ll need both during the maintenance period and after it ends. If you require time to upgrade your professional skills or complete training to earn a suitable salary, act promptly while you’re still collecting alimony.
- Prepare for possible contingencies — Stay-at-home spouses typically rely on their husband or wife for health insurance, so securing affordable coverage should be a priority during divorce negotiations. Build an emergency cushion so that you have three to six months’ worth of the money you need to cover essential expenses in case of a problem that prevents you or your ex from working.
Bryan L. Salamone & Associates, P.C. represents stay-at-home spouses and others seeking a divorce in Nassau or Suffolk County. By working personally with you, our New York attorneys will develop a strategy based on your particular circumstances and needs. Please call 631-388-6009 or contact us online for an appointment.