Being a stay-at-home mom is no cake walk. But it can be even harder when you’re worried about a divorce.
Though you add a lot of value to your household, you may not have as much financial stability to show for your efforts. While Florida’s family law considers childcare and spousal support during a divorce case, a divorce settlement can still be unfavorable for stay-at-home parents. Here are a few steps that you can take to be better prepared for your divorce and independent financial future.
1. Get a handle on your finances
Anyone preparing for a divorce should gather the appropriate financial documents. For stay-at-home moms who may not have paid close attention to finances before, this step is especially crucial.
Financial documents and assets to consider during this step include:
- The value of your marital home
- Tax documents
- Assets in your spouse’s control.
- Bank statements
- Investment accounts
- Loans and mortgages
Getting a handle on your household’s financial state will help you understand the full scope of your marital property. It may also help prevent your spouse from potentially hiding any assets.
2. Create a new budget
If divorce is an impending reality, it is important for you to start thinking about what resources you will need to live independently.
Creating a budget helps you understand what your financial needs are and will give you a head start on working to address those needs as quickly as possible.
3. Create a plan to return to work
Often, stay-at-home moms forego their own careers to support their spouses. This can make returning to the workforce challenging.
Depending on your situation, you may have to return to work to finance your new lifestyle. Creating a plan for potential careers can help you be better prepared to re-enter the workforce successfully.
4. Hire the right professionals
It is important that you have professionals representing your best interests during a divorce. An experienced divorce attorney can help negotiate your case and advise you through the process.
For stay-at-home moms, hiring professionals may be daunting. However, Florida state laws have provisions that allow a judge to order a wealthier spouse to pay the other’s attorney fees.
Divorce can be a challenging and stressful time. Starting to prepare for both the process and life after can give stay-at-home moms confidence in their future.