Years ago, you and your spouse decided it was important for you to leave your career to stay home and raise your family. Since then, your family — and you — have relied solely on your spouse’s income and credit.
But now your marriage has taken a turn for the worse, and divorce seems like an unavoidable reality. You need to be prepared.
In the past, many women could rely on spousal support while they got back on their feet. While that is still true in some states, many are revisiting alimony laws in divorce cases. It is becoming more common for alimony to be denied or drastically decreased, even for women who have not worked in decades.
When preparing for a divorce, it is important to know where you stand. Here are three ideas to help you prepare:
- Establish your own credit. After years of not working outside the home, it is common to not have the credit necessary to begin a life supporting yourself. The first thing you can do is to open a credit card or checking account in your own name. No matter how small the credit limit, this will allow you to begin to rebuild your credit.
- Research the job market. Did you leave a career years ago in order to stay home? Do you have a hobby that could be bringing in income? Part of a divorce means financially supporting yourself. Do you have an updated resume?
- Plan ahead. Divorce settlements should include plans for upcoming expenses involving your children. While payment should be the responsibility of both parents, it should also should be realistic. As someone re-entering the job market after a break of many years, it is not realistic to think that you will be able to split college tuition, or a major medical expense 50/50 with your ex-spouse.
Do you have questions about divorce? Call us at 770-528-0150.