Stay-at-Home Moms at a High Risk for Lifelong Poverty after Divorce

 Posted on July 08, 2016 in Divorce

Mothers choose to stay home with their children for a number of reasons. For some, their family’s lifestyle is easily supported by their spouse’s income, which gives them the financial flexibility to spend time with their children. Others may stay home out of necessity. Regardless of the reason – be it to care for a special needs child, a desire to parent full-time, or simply because they can – all are at risk for lifelong poverty, should their marriage end in divorce. If you are a stay-at-home mom and planning on filing for divorce, or have already been served with divorce papers, learn what you need to know about protecting your financial future, and how you can obtain skilled legal counsel, even if you have no assets of your own.

Why Stay-at-Home Moms Are at Risk

Despite the fact that women often do the very same work as men, they continue to make less per hour for the exact same tasks, positions, and responsibilities as their male counterparts. Furthermore, research has shown that divorced women often struggle to return to the workforce after divorce. This is often due to a lapse in employment that causes them to fall behind on necessary job skills or training. Add to that their lack of retirement earnings and they are at risk for poverty, not just during their child-raising years, but for the rest of their lives.

Protecting Your Financial Future

The first and most critical step in protecting your financial future during a divorce is knowing that you are, in fact, at risk. The second is to ensure that you have skilled legal counsel. Of course, if you believe that you cannot afford an attorney, this might seem counter-intuitive. However, Illinois state law provides a way for you to obtain legal services, even if you do not have your own income. Depending on your situation, you may even be able to make a plea to the court to request that your ex pay your legal fees. After all, if they can afford an attorney, so can you.

In the weeks and months to come, your attorney will work with you and help you in discovering and finding information on your marital assets, any hidden assets. They will also help you determine the valuation of marital property and assist you in negotiations to help you obtain a fair and equitable settlement for your divorce. Peaceable communications will be attempted first, but if negotiation efforts prove to be unsuccessful, your attorney can aggressively litigate on your behalf in court. The end goal is to try and secure the most favorable settlement offer possible.

Committed to protecting your rights and best interest, A. Traub & Associates will work to secure your financial future, and the financial future of your children. We are skilled in handling a wide range of divorce issues, including high asset divorces, spousal maintenance settlements, and child support matters. Aggressive and assertive, we can ensure all factors are considered in your divorce settlement. Get the skilled representation you need. Call our Lombard divorce lawyers at 630-426-0196 and schedule your initial consultation today.

Sources:

http://www.foxbusiness.com/features/2015/09/10/stay-at-home-parents-lose-out-on-retirement-savings.html

http://www.theguardian.com/lifeandstyle/2009/jan/25/divorce-women-research