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Stay-at-Home Parents at a High Risk for Financial Struggles after Divorce

Wheaton divorce lawyersParents choose to stay home with their children for a number of reasons. For some, their family's lifestyle is easily supported by their spouse's income, which gives them the financial flexibility to spend time with their children. Others may stay home out of necessity.

Regardless of the reason – be it to care for a special needs child, a desire to parent full-time, or simply because they can – all are at risk for lifelong poverty, should their marriage end in divorce. If you are a stay-at-home parent and planning on filing for divorce, or have already been served with divorce papers, learn what you need to know about protecting your financial future, and how you can obtain skilled legal counsel, even if you have no assets of your own.

Why Stay-at-Home Parents are at Risk

Research has shown that stay-at home parents often struggle to return to the workforce after divorce. This is often due to a lapse in employment that causes them to fall behind on necessary job skills or training. Add to that their lack of retirement earnings and they are at risk for financial struggles, not just in the short-term, but for the rest of their lives.

Protecting Your Financial Future

The first and most critical step in protecting your financial future during a divorce is knowing that you are, in fact, at risk. The second is to ensure that you have skilled legal counsel. Of course, if you believe that you cannot afford an attorney, this might seem counter-intuitive. However, Illinois state law provides a way for you to obtain legal services, even if you do not have your own income. Depending on your situation, you may be able to make a plea to the court to request that your spouse pay your legal fees. After all, if they can afford an attorney, so can you.

In the weeks and months to come, your attorney will work with you and help you in discovering and finding information on the existence of your marital assets. They will also help you determine the valuation of marital property and assist you in negotiations to help you obtain a fair and equitable settlement for your divorce. Peaceable communications will be attempted first, but if negotiation efforts prove to be unsuccessful, your attorney can aggressively litigate on your behalf in court. The end goal is to try and secure the most favorable settlement offer possible.

Committed to protecting your rights and best interest, Mirabella, Kincaid, Frederick, Mirabella, LLC can work to secure your financial future, and the financial future of your children. We are skilled in handling a wide range of divorce issues, including high asset divorces, spousal maintenance settlements, and child support matters. Aggressive and assertive, we can ensure all factors are considered in your divorce settlement. Get the skilled representation you need. Call our Wheaton, Illinois divorce lawyers at 630-665-7300" target="_blank">630-665-7300 and schedule your free initial consultation today.

Sources:
http://www.foxbusiness.com/features/2015/09/10/stay-at-home-parents-lose-out-on-retirement-savings.html
http://www.theguardian.com/lifeandstyle/2009/jan/25/divorce-women-research

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From our law office in Wheaton, IL the family law and civil litigation law attorneys of Mirabella, Kincaid, Frederick and Mirabella, represent businesses and individual clients throughout the western suburbs of Chicago, Illinois including Wheaton, Naperville, Oak Brook, Glen Ellyn, Carol Stream, Lombard, Downers Grove, Burr Ridge, Lisle, Elmhurst, Oakbrook Terrace, Winfield, Woodridge, Warrenville and throughout DuPage, Kane and Kendall Counties.

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