Divorce considerations for stay-at-home parents
Although such a choice is no longer the norm, many men and women still opt to give up their careers after marriage and stay home to both raise the children and maintain the family home. When such a couple divorces, however, things can get complicated. How will assets be divided? Can the stay-at-home parent receive financial support when the divorce is pending? How should he or she prepare for life as a divorced parent?
Preparation
As far as preparation goes, the sooner the better. If you do not have a bank account or credit card in your own name yet, then set them up immediately. You will need both funds and a good credit history to set up your independent household.
It is also a good idea to avoid large purchases that add to the marital debt load unless this money is spent on necessary dental or medical procedures or a relatively unavoidable expense, such as repairs for a car that you intend to retain after the divorce so that you have transportation.
Temporary child support
If you will be the custodial parent, then your attorney can request pendente relief at the time your divorce is initiated. These temporary orders address issues such as child custody, support, and visitation while the divorce action is pending. Spouses with no income of their own may ask for spousal maintenance to be included. Temporary orders can also indicate who will live in the marital home, how household bills will be paid, and more.
Division of marital property
New York is an equitable distribution state, meaning that when a couple divorces, their marital assets must be divided fairly, as opposed to a straight 50-50 split. When you are a stay-at-home parent who requires job training to re-enter the workforce, a judge may award you a more substantial portion of the marital estate. Other considerations include:
- The duration of your marriage
- The age and health of each spouse
- Which parent has primary custody of the children
- Any health insurance, pension, or inheritance rights you may lose as a result of the divorce
Hidden assets?
Unfortunately, divorcing spouses can and do hide assets from each other, especially when one party stands to lose a lot in an equitable distribution. Get a copy of your credit report and tax returns to confirm that no debts or money have been hidden from you. One common strategy is to overpay the IRS and then get a huge refund after the divorce is finalized, or underreport income in order to gain smaller support awards.
Do not be reluctant to fight for a fair share of the marital estate. You worked just as hard at home as your spouse did at the office, so you have a right to the money, investment accounts, stock options, and retirement funds that were accumulated during the marriage. A New York family law attorney can protect your interests and help you receive what is rightfully yours, so that you and the children have a stronger financial foundation to support your new lives. At Eskin & Eskin, P.C. we are here for you during this difficult time in your life. Our attorneys have more than 40 years of combined experience representing individuals going through the divorce process. Call 718-402-5204 for a free consultation and visit www.EskinAndEskinLaw.com to learn more about our quality legal representation.
