You and your spouse are getting a divorce, but one of the things you’re concerned about is having the money you need to be stable as you move on. Right now, you work part-time and watch your kids the rest of the time while your spouse works. That isn’t going to be feasible in the future unless you have enough financial support to allow you to work part-time.
While some divorcing couples may decide that both parents should work and split physical custody around 50-50, others may agree to maintain the status quo and to have one parent stay on a reduced work schedule. In that case, you can protect your financial stability by asking for more liquid assets during the divorce, solid child support and spousal support as well.
Getting a larger portion of your assets
The first thing to do is to seek out a larger share of your marital assets. By doing this, you’re able to get more assets that you can invest or sell, so you have the money you need to offset the times when you’re not able to work.
With a greater share of assets, you also may not have as many outgoing expenses, such as expenses to refurnish your home.
Child support helps get your child what they need
Another helpful support is child support. This can be used in any way that supports your child’s health and wellbeing, so using a portion toward lowering your rent, for example, could be acceptable.
Spousal support helps you until you can return to full-time employment
Spousal support is another option you may want to look into. If you can’t return to work full-time, you may agree to accept a spousal support payment bi-weekly or monthly that gives you a kind of stipend to boost your income. Spousal support and being able to stay home regularly could be a better option compared to childcare expenses, especially if childcare is expensive in your area.
In any situation where one parent may go to a part-time schedule, these kinds of financial boosts may be necessary. It’s worth talking about them with your spouse to see if there is a way to make you staying home more with your children a possibility.