When you and your spouse agreed you should leave the workforce to raise kids, it was with the intention that your marriage would remain intact. As a split looms, going through it as a stay-at-home parent may terrify you.
An at-home parent generally has more stress when it comes to divorce. Absent a quick reentry to the workforce, you may wonder how you will make it through the proceeding without the financial means.
What do you need to start doing?
Whether you had a hand in paying bills or your spouse handled everything, you should begin by getting your financial paperwork together. This should include the following:
- All bank account information
- Loans, joint and separate
- Credit card debts, joint and separate
- Tax returns
- Monthly expenses and bills
- Investment and retirement account information
How will you pay bills?
If you and your spouse physically separate, you may file for a temporary alimony award from the court. The financial information you gathered will become helpful at this early stage and throughout the proceeding. If the judge grants your request, your ex should start paying the court-mandated payments.
What about a job?
Alimony payment terms vary based on your specific circumstances. You should look for outside income to put yourself on solid financial footing. It may take time to secure a job and arrange childcare. However, your ex will have to contribute to any childcare necessary.
The good news is that you have actions you can take to secure a better financial future for yourself and your kids. For more insight, you may want to have a conversation with a person with experience in this situation.