Is Divorce More of a Risk for a Stay-At-Home Parent?

 Posted on December 15, 2023 in Divorce

For a lot of people, life follows a path that moves from childhood and school to professional training to a career. However, your circumstances could change and once you begin working, you might find that the career path you had planned for yourself is no longer suitable. When you were getting your degree as a young single person, you likely didn’t picture how the career you were training for could fit with your later life as a married parent. Many parents find that juggling a full-time job while also raising children and undertaking household responsibilities is too demanding. That is why the concept of a stay-at-home parent has become so common. However, most couples that have one working parent and one stay-at-home parent have made their financial plans with the idea that they will be together. If you are a stay-at-home parent considering divorce, a knowledgeable Naperville, IL divorce lawyer can answer your questions and start working on a plan to protect your rights and interests.

How Are Assets Divided When One Parent Doesn’t Work?

When a couple gets a divorce, they can divide their assets up however they want as long as they both agree to the division. If they have a signed and detailed premarital or postmarital agreement, that also helps make the asset division part of a divorce settlement fairly straightforward. But if they cannot reach an agreement on their own, the court will need to be involved. When figuring out how to divide assets in a divorce settlement, the court will consider several factors, including:

• The salaries each parent earns, and their potential earning power in the future

• The education and professional training each parent has received

• If one parent didn’t work but undertook the majority of child-raising responsibilities during the marriage

• Whether either spouse contributed to the other’s education or career

What Does It Mean That Illinois Is an Equitable Division State?

States can decide whether they follow an “equal division” or an “equitable division”. An equal division would mean that things are split down the middle and each spouse gets half. An equitable division takes into account additional factors. For example, if one parent was a stay-at-home parent and was unable to work; took care of the majority of household responsibilities; enabled their spouse to advance in their career, stay late, and take on extra tasks; and is at a disadvantage now if they were to try to find a job, this would be considered and that spouse would like be granted a more favorable portion of assets.

Schedule a Free Consultation with a DuPage County, IL Family Lawyer

If you are a stay-at-home parent and are concerned that divorce would harm your financial future, an experienced Naperville, IL divorce attorney can answer whatever questions you may have. Divorce might not be the financial risk you think it is. Please call Pesce Law Group, P.C. at [phone]] to schedule a free consultation, so you can begin advocating for your best interests.