When you and your husband had children, you decided to stay home to take care of them and tend to the house. It wasn’t an easy decision to leave your career, but you felt that it was the best option for your family. Now, you and your husband are going through a divorce—and your financial future looks very uncertain.
Women who decide to stay home with their children face a bevy of financial problems in a divorce. You may feel concerned about becoming financially independent, maintaining your lifestyle and caring for your children.
Taking control of your finances
It is important for stay-at-home moms who are going through a divorce to take control of their finances. If your ex-husband is the family’s primary breadwinner, this may not be easy. Many stay-at-home moms rely on their partners’ income. Some of financial issues in a divorce that you will need to address include:
- Dividing your marital assets.
- Establishing a line of credit or strengthening your existing credit score.
- Creating separate accounts for checking and savings.
- Requesting alimony payments and child support.
Steps to take
There are several steps that you can take to address your post-divorce financial life.
- Examine your current financial standing
Sometimes, the family breadwinner oversees financial matters. Your first step will be to learn as much as you can about your current finances. How much money can you access? Do you have adequate savings? Could your husband be hiding assets? Once you know the answers to these questions, you will have a better idea of how to proceed.
- Accept help
It is not easy to go through a divorce alone. In this difficult time, you may need to seek help elsewhere. Some women avoid hiring outside help to save money, but this is not wise. Divorce is very expensive, and making a mistake can cost you even more money down the road. Many stay-at-home moms choose to consult from financial advisors, family counselors and divorce attorneys in addition to friends, family and loved ones.
- Consider your legal options
The legal process of divorce is long and complicated. The outcome of your divorce will affect your lifestyle for years to come. It will also play a major role in your child custody and child support arrangements. Because the outcome of your divorce is so important, you must consider all your legal options. Taking advantage of your legal options is a way to empower yourself, protect your finances and get the outcome that is best for you.