As a stay-at-home mom, going through a divorce is going to be a difficult adjustment. Before, everything was going well while your husband made an income working outside of the home. This allowed you to stay home to take care of your kids.
If you and your husband decide to divorce, you will have to adjust to a new single life. There will be less income to support yourself and your children after the divorce. Also, due to a decrease in your money, you may not be able to spend as much on your divorce case.
But the best thing that you can do is to be prepared, and that means following these essential tips:
Advisors and Accountants Are Your Best Friends
Your two best friends in the divorce proceedings will be good accountants and advisors. Your accountant will help you understand the tax consequences of your divorce. They can also help you to get your finances in order, which can be a major headache.
A financial advisor can help you in the same manner, though he or she would likely be more useful to help you with figuring out the financial aspects of your divorce settlement. They can also give you advice on how to invest the funds you receive from your divorce. You can work with your financial advisor to put together a post divorce budget based on your new income. This new budget will help you make sure you’re able to provide for yourself and your children after the divorce.
Get What Belongs To You
When you and your husband separate, you need to make sure that your assets and liabilities are accounted for. This means your home, your cars, your credit cards, and so on. For example: if you are making credit card payments on debt, and both your names are on the credit card, then the credit card debt will need to be split evenly between the two of you.
Likewise, you are going to need to split the value of your home as well. For many people, their house is their largest asset, so this is an important step. Always have your home inspected and appraised by a professional rather than doing it yourselves. Appraisals only cost a few hundred dollars and can help you avoid several thousands of dollars in mistakes (such as undervaluing your home).
Learn About Divorce
Finally, you are going to need to spend several hours actually learning about the process of divorce and its various intricacies. Online articles, books, YouTube videos, and talking to people you know who have actually gone through it will be your best resources.
You are going to need to find out each step that you will go through in the divorce in order to get an idea of what will happen. Research your options for the outcome, how to ensure your settlement is fair, and how to protect your children.
Failing to research this information means that it’s possible for your husband (and his lawyers) to take advantage of you. So, stay a step ahead and know what you’re doing.