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4 TIPS FOR STAY-AT-HOME MOMS GOING THROUGH A DIVORCE

  • By bf5691@yp.com
  • •
  • 07 Aug, 2017
  • •
Discovering that your marriage is coming to an end can be traumatic. In addition to coping with the emotional stress of a divorce, you must also worry about the financial and legal consequences of a failed marriage. If you are a stay-at-home mom, it's important that you take the steps necessary to protect your financial future during a divorce.

Here are four tips that you can use to ensure you are able to remain financially stable once your divorce is complete.
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1. FIND YOUR OWN ACCOUNTANT
It's critical that you take the time to understand your current financial situation, as well as the impact your divorce will have on your financial future. You should locate a reputable accountant who can advise you on the financial aspects of your divorce.

An accountant will be able to evaluate your current financial holdings and advise you on the best way to allocate these holdings to ensure you have access to financial assets in the future. Your accountant will also be able to let you know the tax ramifications of certain settlement offers your husband's attorney is offering, and deal with the IRS when it comes to filing joint tax information following your divorce.
2. SEEK CHILD SUPPORT AND ALIMONY

Most people know that child support should be incorporated into any divorce agreement where children are involved. While child support will certainly help you meet the financial needs of your children once your marriage has ended, it's important that you provide for your own financial needs in the divorce as well.

You should talk to your attorney about seeking alimony from your former spouse. Alimony payments are designed to help spouses going through a divorce avoid the unfair economic consequences of divorce. You can use alimony payments to help you meet your own financial needs so that you can continue to function as a stay-at-home mom when raising your children.
3. ESTABLISH YOUR OWN CREDIT

Credit plays a critical role in today's financial landscape. Many stay-at-home moms rely on their husbands' credit ratings in order to secure home, car, and personal loans. It's important that you take steps to begin building your credit when going through a divorce.

Apply for a credit card with a low spending limit, and make regular payments to establish a positive credit rating. Having some credit in your own name will help you navigate the financial market once your divorce becomes final. You can also ask your attorney for a recommendation when it comes to finding a financial advisor that will help you establish a positive credit rating for yourself.
4. IDENTIFY YOUR HUSBAND'S ASSETS

You should always work closely with your attorney to identify your husband's assets when going through a divorce as a stay-at-home mother. The court will use your husband's financial standing to make important decisions regarding child support and alimony payments, and you may be entitled to partial ownership of your spouse's assets.

You want to ensure that all of the assets your husband acquired during the marriage are accounted for in the divorce settlement. Make a list of known assets to give to your attorney, and work through your attorney to hire a forensic accountant to identify any assets that may be hidden to ensure you aren't left in financial ruin following a divorce.

The thought of ending your marriage can be daunting, especially if you have been a stay-at-home mom for the duration of your union. Ensure that you are able to protect your rights by hiring your own accountant, seeking both child support and alimony, establishing credit in your name, and identifying all of your husband's assets. Contact Mary E. Papcke, Attorney at Law for help navigating your own divorce as a stay-at-home mom.

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