How Stay-at-Home Parents Can Protect Finances in Divorce

 Posted on November 11, 2024 in Divorce

Going through a divorce can be overwhelming, especially for stay-at-home parents who may not have had the same financial independence as their spouse. Without the security of a regular income or recent work experience, stay-at-home parents may feel particularly vulnerable as they face the uncertainties of life after divorce. This is why it is essential for stay-at-home parents to take proactive steps to protect their financial future. If you are a stay-at-home parent dealing with this significant life transition, an experienced Illinois divorce attorney can help you navigate these legal and economic challenges.

What Are Your Spousal Maintenance Rights in Illinois?

Spousal maintenance, previously referred to as alimony, is a key consideration for stay-at-home parents who have sacrificed their earning potential to care for children or manage the household. In Illinois, spousal maintenance is determined based on several factors, including the length of the marriage, the financial needs of each spouse, and the standard of living established during the relationship.

Depending on the circumstances, stay-at-home parents may qualify for temporary or long-term spousal maintenance. It is important to work with an attorney to secure a fair award, as factors like your spouse’s income and your future earnings will influence the amount and duration of the maintenance you receive.

How Can You Ensure a Fair Division of Marital Assets?

Illinois follows an "equitable distribution" approach to dividing marital assets, meaning property and debts are divided fairly, not equally. Marital assets include any property or income acquired during the marriage, even if it was only in your spouse's name. For a stay-at-home parent, it is vital to confirm that all marital assets—including bank accounts, retirement funds, real estate, and investments—are properly accounted for and divided. An attorney can help you identify hidden assets or undervalued investments to ensure you receive your fair share of the marital property.

How Can You Plan for Financial Independence After Divorce?

Creating a post-divorce budget is essential for stay-at-home parents transitioning into financial independence. Some tips for post-divorce financial planning include: 

• Calculate your monthly expenses: Include housing, utilities, groceries, and transportation costs.

• Understand your sources of income: Factor in any spousal maintenance, child support, and potential part-time or full-time employment.

• Prioritize savings and retirement: Set aside money for emergencies and your long-term financial goals, even if your budget is tight.

• Consult a financial planner: A professional can help you create a realistic budget and manage your assets after the divorce.

By taking control of your financial future early in the divorce process, you can reduce stress and be prepared for life after marriage.

Contact a Kane County, IL Divorce Attorney

If you are a stay-at-home parent going through a divorce, contact a St. Charles, IL family law attorney at Goostree Law Group. We can help you secure spousal maintenance, divide marital assets, and plan for your financial independence. Call 630-584-4800 to schedule a free consultation.