Considerations for Stay-at-Home Parents Getting Divorced in Illinois
Being a stay-at-home mom or dad can be a wonderful way to ensure that your children receive the care and attention they need to grow into successful adults. It can also put you in a difficult situation during divorce. If you are a divorcing parent who has not worked outside of the home in several years, you may be overwhelmed by the possible personal and financial implications of your impending divorce. Fortunately, there are several things you can do to protect your rights as a stay-at-home parent and avoid mistakes that put you in an unfavorable position during divorce.
Know Your Rights Under Illinois Law
Many people are unaware of the rights that they have during divorce. They may quickly agree to terms before researching all of the possible options because they are eager to get the divorce over with. However, if you do not know your rights, you may inadvertently lose them. For example, many stay-at-home parents are entitled to spousal maintenance or alimony. The amount and duration of alimony payments depend on the financial and employment circumstances of both spouses, the duration of the marriage, and other factors. You may also be eligible for temporary spousal maintenance and/or child support payments before the divorce is finalized.
Under Illinois law, you have a right to an equitable share of the marital estate. This includes an equitable or fair share of any income or property acquired by you or your spouse during the marriage. If your home was purchased during the marriage or marital funds were used to pay the mortgage, your home is likely a marital asset. Any retirement funds that were accumulated during the marriage are also subject to division. You may even have a right to a fair share of your spouse’s business or professional practice.
Gather Important Financial Documents
Often, stay-at-home parents are not as involved in the household finances as their spouses. If have been out of the loop regarding finances, it is time to start taking inventory of your financial situation. Make copies of tax returns, bank statements, credit card statements, mortgage and loan documents, and other financial paperwork. The better informed you are about your financial situation, the better position you will be in to make wise financial decisions during divorce.
Contact a Kane County Divorce Lawyer
As a stay-at-home parent, you are in a challenging position during divorce. A St. Charles divorce attorney from Shaw Sanders, P.C. can help you request alimony, handle child custody concerns, ensure a fair division of the marital estate, and much more. Call us at 630-584-5550 for a free, confidential consultation today.