In the event of a divorce, the stay-at-home parent often feels the negative impact of the decision of who stays with the kids.
Marriage is hard and requires continued work to be successful. Even with hard work and commitment, not every marriage succeeds. According to Earth & World, 46% of marriages in the United States fail. If you are going to be the stay-at-home parent who becomes the financially dependent spouse, consider the following tips to protect your future (and your children’s future).
- Manage the family money/assets or at the very least be fully aware of the family money/assets. Communicate regularly about the finances and assets (monthly or quarterly is best).
- Where possible be sure all assets are joint assets with both names appearing on accounts, titles, and deeds.
- Find a vehicle to establish a retirement account for yourself.
- If your family works with a financial planner, establish at the beginning that all communication are to be sent to both you and your spouse and that you both will be involved in any meetings (including phone calls/texts).
- Read and fully understand your state and federal tax returns before they are submitted. If you have questions, make sure they are answered.
- If you have a profession, take the steps to remain relevant in your field.
- Maintain or create contacts outside of your spouse. Be aware of your spouse’s work world and participate where appropriate.
Being an active spouse in the financial part of your marriage helps to ensure you have the necessary knowledge to assist your attorney, allows you to contribute to settlement discussions, and ensures your ability to move forward in the event of a divorce.