Getting divorced is a difficult experience for anyone to go through, but it can be especially stressful if you’re a stay-at-home parent who has dedicated several years to raising children and maintaining the household. Without a job of your own, trying to plan for a stable financial future is likely to seem daunting. However, careful preparation, with the guidance of a skilled divorce lawyer, will help protect your interests and allow you to smoothly transition out of a marriage. 

How to Prepare for Divorce When You’re a Stay-at-Home Parent

1. Get Your Financial Documents Together 

The first thing you should do is start gathering and reviewing all of the documents that pertain to your financial lives. This includes W-2 forms, bank statements, insurance policies, tax returns, investment accounts, credit card statements, loan agreements, and mortgage payments. This will allow you to get a clear picture of where your finances stand, which is essential for negotiating a divorce settlement or presenting a case in court.

2. Establish a Budget & Build Your Credit

Stay-at-home parents typically find it necessary to change their spending habits after a divorce. Establish a budget based on your new living arrangement to determine exactly how much you’ll need to continue supporting yourself and your kids. Additionally, if you have mostly relied on your spouse’s credit to get approved for housing, vehicle purchases, loans, and credit cards, it’s vital to start building credit in your own name.

3. Understand Your Rights 

Kentucky is an equitable distribution state; therefore, marital property must be divided fairly between divorcing couples. This is the case even if one spouse is a stay-at-home parent. This means you have just as much right to leave the marriage with assets as your soon-to-be ex. It’s also possible to be awarded spousal support in Kentucky if you can show evidence you will need help meeting any financial obligations once the divorce is finalized. 

4. Consult a Qualified Divorce Lawyer 

Working with a divorce lawyer will provide you with an unbiased perspective of the circumstances, so you can make sound decisions in the future. They will put together a case that shows all of the valuable contributions you made to the marriage and ensure you receive a fair settlement.

If you’re facing divorce as a stay-at-home parent, you need a reliable legal advocate to assist you in reaching your financial goals. The Law Office of Michael Davidson, PLLC has successfully represented many stay-at-home parents in Lexington, KY. For more than three decades, they have remained focused on helping clients navigate complex family law issues and achieve favorable outcomes, whether through negotiation or litigation. To schedule a consultation with a seasoned divorce lawyer, call (859) 225-1717, or visit the firm online to learn more about their services.