Divorcing as a stay-at-home mom presents unique challenges, particularly when it comes to financial stability and re-entering the workforce. Many women in this situation have spent years or even decades out of the job market, making the prospect of supporting themselves and their children overwhelming.
At Albin Oldner Law, PLLC, our Frisco divorce attorneys can help stay-at-home moms navigate divorce by trying to secure spousal support and child support agreements, ensuring financial security while they rebuild their careers. While the legal process unfolds, there are key steps to take to prepare for life post-divorce, including financial planning, updating skills, and exploring employment options. Our team provides strategic legal support to help you transition with confidence and security.
Step 1: Options for saving money in your divorce
A divorce can easily cost thousands of dollars, sometimes tens of thousands of dollars, if many matters (like spousal supportand child custody) are contested. If you and your spouse cannot agree on a division of assets, the right child custody schedule, and whether you deserve spousal support, then you’ll likely end up taking multiple trips to court.
You may not have the means to fight a protracted legal battle and feel forced into a bad divorce settlement simply because you’ve run out of money. There are some less-expensive divorce alternatives, though, such as going through mediation instead of court or working through a collaborative divorce with your spouse.
Step 2: Evaluate your household finances
Many stay-at-home moms handle the family budget, but not all. If you’re in the latter category, it’s important to familiarize yourself with your household budget, and fast. Knowing your monthly expenses can help you find ways to cut costs and give you a ballpark of what you’ll need to earn to cover them.
Make sure that you know the full extent of all your marital assets and debts, including the most recent state of:
- Sources of income
- Bank accounts
- Credit cards
- Loans and debt
- Retirement accounts
- Recurring bills, such as mortgage payments, utility bills, and subscriptions
Collect as much documentation as possible, including statements, bank information, usernames, and passwords to all marital accounts.
Step 3: Make sure you have all vital documents secure
In addition to all your financial documents, you’ll need copies of other vital documents like your marriage certificate, children’s birth certificates and social security cards, and insurance cards. Keep them secure, perhaps by getting a safety deposit box or asking a trusted friend or family member to keep them safe for you.
Step 4: Inventory all your possessions
If there are specific items that you’re set on keeping in a divorce, from your family heirlooms to the KitchenAid mixer, make a list of those. It’s also a good idea to inventory all valuable items in the house and any other facility you and your spouse can access, like a storage unit or bank deposit box.
Consider taking a video inventory. If your spouse decides to sell or hide valuable assets, your record of their presence in your shared home can help you either get the asset back or ensure you receive your fair share of any profit your spouse made in selling it.
Step 5: Prepare for a solo financial future
Are you employable? Stay-at-home moms who have kept their professional skills up to date or who have only been out of the workforce for a few years may have an easier time than those who haven’t worked in a decade or more.
Consider talking to a career counselor; you may be able to earn a few certifications or take a few classes to knock the dust off your skills so you’re in a better position to land a good job.
You can also consider asking your spouse to pay for any education or training you need to secure gainful employment. If you have been out of work for a couple of decades, there’s a good chance a judge would approve this request.
Hiring the right divorce attorney
Working with an experienced divorce lawyer, one who is tenacious in fighting for your interests, can help you get your fair share of assets, secure a favorable divorce decree (including alimony), and have the means to keep the same quality of life you enjoy now. We can help you. Contact Albin Oldner Law, PLLC today at (214) 423-5100 for a personalized consultation.
