The parent who stayed at home while the other spouse often worked finds that they can quickly become overly stressed as once the divorce is finalized, they will need to find a new income stream to make up for the income their spouse took with them due to the separation.
When we meet with a stay-at-home parent, there are a few steps we suggest they take as their divorce proceedings start:
- Get all your financial papers in order
- Learn about all the income streams your family currently has, along with any debts
- Set-up a checking account just for you
- Confirm you have access to all accounts, loans and assets
- Start fine-tuning your interviewing skills, update your resume and cover letter
- Begin searching for a job
- Understand and begin to improve your credit score – if there are any errors work to get them removed
- Create a budget for both during and after your divorce proceedings
- Make sure your collaborative divorce team has a financial neutral mediator – they will work with both of you on dividing your finances
Because you are the stay-at-home parent in your relationship, it may seem like the mountain you have to climb is an impossible ascent, but it doesn’t have to be this way if you start implementing some of the above items into your life today.
When you utilize the Los Angeles Collaborative Family Law Association experts, you can begin to move forward with confidence.
LACFLA is an open, interdisciplinary organization dedicated to the Collaborative Process for resolving family conflict in an non-adversarial way by training professionals and educating families in a more peaceful and cost efficient process.
Note: This information is general in nature and should not be construed as legal/financial/tax/or medical advice. You should work with your attorney, financial, medical or tax professional to determine what will work best for your situation.