Tuesday, 2 August 2011

Stay-at-Home Parents Face Special Financial Concerns after a Divorce

According to the Census Bureau, there are approximately 159,000 stay-at-home dads, and more than 5 million stay-at-home mothers in the United States. As a stay-at-home parent with no personal income of your own, there are special financial concerns that your Los Angeles divorce lawyer will need to address.

A stay-at-home parent’s financial condition may become even more precarious post divorce, compared to persons who have an income of their own. The financial threat to unemployed spouses with no income of their own, can begin as soon as the employed spouse files for divorce. If your spouse’s pay check is being deposited into his or her account, you may be denied access to these funds as soon as, or even before, the divorce papers are served. If you have a joint account, then there may be limitations on your access to the funds.

What that means is that as a stay-at-home parent, your access to any money at all is likely to be very limited while the divorce proceedings play out. Consider that divorce proceedings can stretch out, especially if there is no hope for a settlement, and your case goes to trial. You may have no choice but to look for a job. The current employment market is not too kind to people who have given up their jobs to stay at home for years.

As a stay-at-home parent, you're not eligible any kind of protection. For instance, you are not eligible for unemployment benefits. If you are injured or incapacitated, you are also not eligible for disability insurance. The same goes for health insurance and pensions. A major medical condition after a divorce can leave an unemployed person close to bankruptcy. Even after alimony payments and child support payouts are established, you may not be left with funds necessary to maintain your lifestyle as before the divorce.

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