Financial Hit of an Indiana Divorce May Be Tougher for Stay-At-Home Moms

Divorce in any demographic can be a difficult thing. There are issues of where will the children live and how much will child support be. Who will get the house and who will have to pay alimony.

There are also tax consequences and long-term financial implications that an experienced Gary divorce lawyer can assist people with.Dealing with an Indiana divorce can be emotionally draining. But a skilled lawyer will be able to look at a person’s marital situation, and assess the best course of action for a split that offers a client the best chance for financial stability and long-term quality of life.

A recent Huffington Post article looks at the challenges that stay-at-home mothers face when they are preparing for a divorce and after the divorce is complete. For wage-earning divorcees, the financial implications of a divorce can be devastating, but for parents staying at home, it can be even more difficult.

The Huffington Post article suggests some tips for moms who are staying at home in order to make a divorce as smooth as possible:

Get your financial records:

Establishing a snapshot of your finances and other important material, including assets, debts, income, investments and other information should be kept in a safe place that is easy to access.

Consult a financial planner:

First meet with an Indiana divorce lawyer, but then meet with a financial planner. Ask your divorce lawyer about the benefits of meeting with a planner, who can assist your lawyer. They can summarize your financial situation and help you discover your net worth and how you may build a strategy for the divorce.

Look at the division of assets:

In Indiana, assets are divided 50/50, regardless of whose name the assets were in before the marriage. Unless there is a prenuptial agreement in place, this is how assets are divided. Don’t let that fool you. One side routinely walks away with more than half a couple’s assets. Get qualified legal representation.

Learn about alimony:

Alimony is how much money one spouse may be paid by the other after the divorce is completed. Some states have strict laws, while in others, judges have great discretion.

Child support:

Like alimony, a spouse can be forced to pay child support if they aren’t granted custody. The amount can vary, based on income levels, the child’s needs and other factors. Where a child lives, in most states, is determined by the “best interests” of the child.

Make a plan:

Create goals and envision how you want to live, post-divorce. In an Indiana divorce, you may have to fight to make sure you get what you need. There may be a transitional period before the divorce is finalized and sometimes court delays slow things down.

Be prepared for the new stage in your life and allow an experienced Indiana divorce lawyer to help you. There are many aspects of a divorce that are complex and that a person who has never gone through this experience may not be prepared to tackle. That’s why years of helping people through this process comes in handy. We will work to ensure you are set up to enjoy a productive life after divorce and that starts with making sure your finances are in order.

Highland Divorce Attorney Burton A. Padove offers free and confidential appointments on family law matters throughout Northwest Indiana, including Munster, Lansing, Porter and Crown Point. Call 219-836-2200.

More Blog Entries:

Financial Problems a Divorce Risk in Indiana — Legal Help Minimizes Risks: October 31, 2011
Additional Resources:

Divorce and the Stay-At-Home Mom, by Thomas Greenwald, The Huffington Post