Statistics compiled by the United States Census Bureau reveal that approximately 18% of parents in 2016 were classified as “stay-at-home” parents. While this represents a large percentage of married individuals, the amount of stay-at-home parents has actually decreased.
When a marriage ends, it is common to feel uncertain about how to proceed or what options you can pursue in your life. It is important to remember that as a stay-at-home parent, you have options. The following discusses some of the most common options that stay-at-home parents can pursue.
Realize You Have the Ability to Pursue Financial Compensation
Many stay-at-home parents are financially dependent on the other spouse. With the assistance of an experienced family law attorney, a stay-at-home parent will have the greatest chance possible of obtaining financial compensation.
The purpose of Georgia alimony payments is to help parents with primary custody make sure that they receive the maximum amount of compensation possible in a divorce settlement.
Consider Returning to School
A number of stay at home parents decide on this option because they never pursued a high school education or the training necessary to secure a position.
While returning to school can cause stress and appear like a big challenge, many parents discover that pursuing additional education enables them to become more marketable in the job market. By returning to school, many stay-at-home parents end up feeling confident and secure in their future following a divorce.
Enter the Job Market (Again)
While many stay at home parents at first attempting to avoiding a return to the workforce, it is often impossible to entirely avoid. Spousal maintenance and child support do not always equip a stay-at-home parent with enough financial resources to avoid returning to work.
Rebuild Your Credit Score
Many stay-at-home parents following a divorce discover that their credit score is much lower than they had anticipated. No matter the reason for a low credit score, now that you are on your own, it is a good time to improve your credit score.
The reason a good credit score is important is to obtain loans and other credit opportunities that will let you get back on your feet following a divorce.
Update Your Estate Plan
Following divorce, it is important to review your estate planning documents to determine if any changes must be made. In many cases, it is necessary to remove a former spouse as a beneficiary.
Review Your Housing Options
Retaining a family home might be critical to you following a divorce so you can preserve your memories, but it is crucial during this time to review the costs of your home.
During this time, it is a wise idea to review the types of income you will need to keep your house in its current state. Many people in divorces discover that it is better to let go of a home early rather than hold on to it.
Speak with an Experienced Family Law Attorney
Divorce represents a substantial change in a person’s life. Working with an experienced attorney during this difficult time can make sure that matters resolve in the best possible way.
Contact Vayman & Teitelbaum P.C. today to schedule a free initial consultation.