Stay-at-home parents are highly underappreciated. Though you may not earn a monetary income for your family, you still work day in and day out to ensure that your children’s needs are met and that they have a comfortable and loving place to live. This arrangement may have worked well for years as your spouse worked outside the home, but now that you are getting a divorce, you likely have concerns about your financial future.
Though you may have reason to obtain spousal support as an outcome of your divorce proceedings, and you will likely obtain an equitable portion of the assets, you may not want to rely solely on those outcomes. Instead, focusing on ways you can help yourself, and in turn your kids, maintain a solid lifestyle may prove useful.
Consider your living arrangements
One of your biggest concerns is likely where you will live. At first, you may think that trying to keep the family home in the divorce is your best option. While it could save you time from having to search for new living arrangements and allow your kids to remain in a familiar place, you would be wise to consider the financial implications, including the following:
- Homeowners’ association fees
- Maintenance costs
- Property taxes
- Monthly mortgage
- Homeowners’ insurance
- Utilities and other related bills
Even if you think you could make the mortgage payment, these other costs could cause you to stretch your finances thin. As a result, it may be better to look for a more affordable home.
Consider your income options
Because you have been out of the workforce for some time as you raised your kids and took care of the home, you may worry about finding a job. However, obtaining employment may help you secure a more reliable income than relying solely on alimony and child support. Looking for a job before your case comes to an end may seem like adding another obligation to your already full plate, but it could help you feel more financially secure.
Understandably, you and many other stay-at-home parents in Colorado may fear that a divorce will leave you in financial ruin. Fortunately, that does not have to be the case. You can look for every opportunity during your divorce case to reach favorable outcomes, and an experienced family law attorney could help you understand your legal rights and options when it comes to working toward those outcomes.