A marriage can go bad for anyone, whether they are a celebrity, an entrepreneur, a high-powered CEO, a young person, an older person and even a stay-at-home mom. Of these, a stay-at-home mom may have the hardest time preparing for a divorce. After all, they may not earn much income (if any at all), they may not have much savings and they may not have the skills needed to obtain a good job once the divorce is finalized.
A stay-at-home will need to prepare financially for a divorce. The average divorce costs around $15,000, so how will they afford that? Through lots of planning. A woman in this situation cannot simply decide they want a divorce and start the process the next day. It is imperative that they take several steps first before initiating the divorce process.
Your first step should be to get a plan in place. There’s a lot to consider with a divorce. It splits up a family, as well as marital assets. Where do you plan to live after the divorce? How will you pay for expenses? Can you get a job? Will you have to go back to school? How will you pay for your divorce? Many people get financial help from family members. There is even divorce financing available for those unable to afford a lawyer, but not everyone is a good candidate.
Your lawyer will need a snapshot of your finances, so gather all financial documents pertaining to your assets and debts. This includes home loan documents, credit card statements, bills, car titles, loan statements, tax returns and proof of income. Make a list of assets, such as bank accounts, property, vehicles, antiques, heirlooms and collections. Keep all these documents in a safe place and make copies.
If you don’t already have a separate bank account, open one now. You will need one to put your savings. Once you ask your spouse for a divorce, it may be hard to gain access to any money. You may have to get a job or sell some assets to save up for a divorce and your new life afterward.
Keep in mind that your standard of living is going to change after a divorce. Your husband’s income likely will not be enough to pay for two residences. You will need to consider that your assets will need to be split. You may get child support or alimony, but that will likely not be enough to pay your bills.
Preparing for a divorce is complicated enough when you work and earn income. When you’re at home taking care of the kids, having money to divorce and live on your own afterward can seem next to impossible.
The Columbia divorce lawyers at the Law Offices of Todd K. Mohink, P.A. can assess your financial situation and help you understand the divorce process. No matter your situation, a divorce is attainable. Schedule a consultation by calling (410) 774-5987 or filling out the online form. We have two offices to serve you.
7310 Ritchie Highway, Suite 910
Glen Burnie, MD 21061
30 Corporate Center
10440 Little Patuxent Parkway,
Columbia, MD 21044