Stay-at-home moms often are wary of pushing for a divorce, even if their marriage broken. In fact, many stay-at-homes try to avoid divorce at all costs because they are uncertain of how it will impact them financially and how they will move forward. However, for some stay-at-home moms, their partner files for divorce or they decide they have to end their marriage – whether because of adultery or abuse or a toxic relationship that is affecting their children.
So, if you are a stay-at-home mom facing divorce, what should you know? How can you better prepare for divorce?
Texas and asset division in divorce
Stay-at-home moms need to understand how the state they live in handles divorce. In Texas, divorces are subject to community property division. That means any assets you and your spouse acquired while married, you will split evenly, 50-50.
Marital assets you will split include:
- Any real estate property assets, such as assets in your home
- Any 401(K) retirement assets or investment assets
- Any savings and checking account funds
- Business assets (if not protected by a prenuptial agreement)
- Furniture, household and sporting goods and valuable collections
Texas couples also evenly split joint debt in divorce, such as mortgage debt, medical debt or joint credit card debt.
Getting help preparing for divorce
If you are a stay-at-home mom, you want to consult your divorce attorney about what marital assets you may receive in your divorce settlement. You may need help determining exactly what your marital assets are and what child support payments you may receive as part of custody agreement.
You also may qualify for spousal maintenance if:
- You have been married 10 years and don’t have the ability to earn enough money to pay for reasonable needs.
- You have a child with special needs whom you provide care for.
- You became disabled during your marriage and can’t earn enough to pay for your needs.
Once you determine what your financial outlook will be after divorce, you can establish a post-divorce budget. You may need to learn to live on less and likely you will need to return to the workforce. You may need to get additional educational training to get a better-paying job to afford living on your own.
In the end, though, many stay-at-moms who go through divorce come out stronger. They leave behind a failing marriage and can focus solely on helping raise their children. They can become more financially independent and strong over time. Taking the time to prepare for divorce as a stay-at-home mom is just the first step in that process.