Postnuptial Agreements for Stay-at-Home Parents

 Posted on March 31, 2017 in Family Law

Today, many households are dual-income households in which both spouses work. For the well-being of the couple’s children, however, it can sometimes be beneficial for one spouse to embrace the role of a stay-at-home parent. In these cases, having a postnuptial agreement can help clarify each spouse’s responsibilities in case of a future divorce. Before one spouse agrees to take taking extend time away from his or her career, all the potential repercussions should be discussed.

Children Can Change a Couple’s Career Dynamics

Introducing children into a marriage means change, and some families decide that it would be better for one parent to be at home with the children. Despite advances in equality and changing social views on gender roles, it is still usually the wife who elects to put her career on hold and become the stay-at-home parent. In some families, it is more economically advantageous for the male partner to stay home, and this certainly does play out in many households. Either way, couples with children should consider making arrangements for their children and their finances in the event of a divorce.

Planning Is Important

Those who are considering transitioning to stay-at-home parenting should also consider drafting a postnuptial agreement to address the implications of this decision if a divorce occurs. As with any job transition, setting predetermined conditions to prepare for security—especially financial security—is a wise move. With so many marriages ending in divorce, the parent who is staying home needs to consider how he or she would be provided for if a divorce occurs. The postnup is essentially a business-like contract designed to prevent surprises if the marriage ends.

Real-World Job Considerations

Some important things to consider are how long the stay-at-home parent is intending to stay home and what his or her earning potential will be when he or she does return to the workforce. With today’s economy, it can be difficult to find a job immediately. Women are particularly vulnerable to re-entering the work force because their highest earning years coincide with their childbearing years. Some women who take time off from their careers to stay home with their children might never regain the income they commanded before leaving their jobs.

Decisions regarding an individual’s work status and potential financial security require much thought and planning. If the expectations from each party are clearly defined, the chances for conflict or misunderstandings especially about finances are drastically reduced.

An experienced Lombard family law attorney is a great resource for learning more information about how a postnuptial agreement can help your marriage. If you have questions, call 630-426-0196 to get the answers you need today.

Source:

https://www.forbes.com/sites/jefflanders/2014/01/22/why-you-need-a-postnup-and-other-points-to-consider-before-leaving-your-paid-job-to-be-a-stay-at-home-mom/