As a parent undergoing divorce, you have your work cut out for you. Not only do you need to address the legal technicalities of the split in the midst of experiencing the grieving process, you also need to tackle all the issues that accompany the end of a marriage, including everything from the division of assets and parenting time (visitation), to parenting plans and inventory of your personal finances. For the stay-at-home parent, divorce requires a complete lifestyle overhaul, which can trigger a number of concerns for the spouse who has been the primary caregiver at home.
Safeguarding Your Rights as a Stay-at-Home Parent
The idea that the stay-at-home parent will be able to continue to live the lifestyle they were originally accustomed to prior to the divorce is sadly not always a realistic one. While there are laws that vary from state to state that allow certain protections for the stay-at-home spouse, the parent’s lifestyle will inevitably change as their financial circumstances evolve due to the divorce. Parents used to staying home to raise their children can still make the effort to safeguard their rights during the transition in the following ways:
Explore the possibility of maintenance - Here in the state of Illinois, the law may entitle you to maintenance (alimony), which is sometimes awarded to account for a significant difference in income and earnings between spouses. The amount you may be eligible for and the length of time you may receive the award is determined by a mathematical formula and factors summarized in the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/504). The court will look at everything from the current and future earning capacity of each spouse, joint property and assets, and the needs of each spouse, to the standard of living that was established during the marriage and how long the union lasted. Exploring your eligibility for maintenance can help you plan, prepare, and protect your financial well-being
Assess your assets - In order to protect your livelihood after your divorce, you need to first get a clear snapshot of what your finances currently look like. This will help you gauge what you are walking into after the divorce, and help you know what needs to be addressed when consulting with your attorney. Take stock of everything from your mortgage and car title to basic monthly expenses and debts, and also jot down any potential employment options as well as educational pursuits you may explore, which may incur additional expenses on your behalf....