Retaining Financial Security as a Divorcing Stay-At-Home ParentBy Moskowitz Law Group, LLC |
Divorce can be an incredibly complex and emotional process for all individuals involved. Not only can divorce drain you physically and mentally through a potentially grueling case, but it can also drain you financially through court fees, attorney fees, and other costs.
For stay-at-home parents, the financial burden caused by divorce could be particularly devastating. Without a consistent source of income, it can be difficult to retain financial security as a divorcing stay-at-home parent. Alimony and child support are two ways to achieve this financial stability, and a skilled family law attorney can help ensure that you receive the payments you need after a divorce.
Spousal Support Can Provide Financial Security After Divorce
Alimony, or “spousal support,” payments can be immensely helpful for newly single stay-at-home parents. Alimony exists to ensure that an individual that was previously financially dependent on their spouse is able to meet their needs after a divorce. Spousal support is not awarded in every case, but rather is up to the judge’s discretion.
There is no one size fits all solution to spousal support. When a judge makes an alimony determination, they often consider:
- The duration of the marriage
- Your financial needs
- The ability of your partner to pay for your needs
- The marital lifestyle you had while still together
- If being a stay-at-home parent had any impact on your career
- If a given career path would take away from your ability to be a parent
- Any need for education to eventually reenter the work force
A knowledgeable divorce attorney can help you pursue the spousal support that you deserve to remain financially secure.
Child Support for Stay-At-Home Parents
Under New Jersey law, both parents are required to financially provide for their children. Child support payments from an ex-spouse can also help a stay-at-home parent to be financially secure after a divorce so that there is money for the children’s needs as well. For parents with a combined net annual income of less than $187,200, child support payments are calculated using a specific formula laid out by the state. For parents with a combined net annual income exceeding $187,200, the formula is applied up to that amount and the court has discretion to award child support in addition to what the calculation using the formula. Since stay-at-home parents often do not have their own income source during the marriage, child support payments from the earning party can be crucial. A family law attorney can help you seek the child support payments you need to raise your children as a stay-at-home parent.
Call to Discuss Your Financial Security Amid Divorce
It can be difficult to retain financial security as a stay-at-home parent after a divorce. If you are unsure of what steps to take after your divorce, do not hesitate to reach out to an experienced family law attorney at Moskowitz Law Group. Our skilled legal team understands that every family is different and can work with you to gain the financial stability you deserve. Call today to discuss your case with a dedicated family lawyer.