Stay-at-Home Parents at Risk for Poverty and Financial Strain After Divorce

 Posted on May 28, 2016 in Family Law

For more than a decade, the percentage of women who chose to stay home with their children declined. Then, in 2012, something shifted, and the U.S. saw a spike in the number of stay-at-home parents. But moms were not the only ones deciding to take on child care full-time; stay-at-home dads have also been on the rise. Factors, such as downturns in the labor force, the increased cost of child care, and rising immigration are all thought to be responsible. But, regardless of the reasons behind the trend, all are said to be at risk for financial strain and poverty in the event of a divorce.

Staying at Home in Marriage Can Have Consequences in Divorce

Regardless of whether the stay-at-home parent is a mother or a father, the risks are the same. Years, possibly even decades, outside of the workforce make re-entry more difficult. Technology advances, which seem to happen overnight, can leave the parent unprepared, under-skilled, and ultimately underpaid. So, once the cost of divorce, monthly expenses, and often a lack of savings are factored into the equation, stay-at-home parents are at an extreme risk for a financial strain.

Women Still Suffering Bulk of Financial Strain After Divorce

Although stay-at-home dads have become more common, it is still most often the women who suffer the greatest financial burden. Gender pay gaps are partly to blame, but there are many other factors thought to be responsible as well. They may be less prepared than their former husbands for the financial burdens, and they may be especially prone to financial manipulation during a divorce. In fact, some even report fears of using joint accounts after a divorce, for fear of making the situation worse.

Quality Legal Representation Can Help Keep Things Fair

A lot of people assume that divorce means splitting everything in half, but this is not always the case. Settlements in a divorce should be fair, and they should take all factors into account, including potential employment and financial issues for former stay-at-home parents. But not knowing how to present this information, and a desire to resolve matters quickly can often get in the way of ensuring this happens.

The skilled and experienced DuPage County divorce attorneys at Mevorah & Giglio Law Offices can ensure all factors are considered during your divorce. Committed to protecting the best interests and rights of our clients, we can also help devise creative solutions that may help to secure the financial future of you and your children. Get the quality representation you need and deserve. Call us at 630-932-9100 and schedule your free initial consultation today.

Sources:

http://mirror.co.uk/money/women-putting-futures-risk-care-7792837
http://pewsocialtrends.org/2014/04/08/after-decades-of-decline-a-rise-in-stay-at-home-mothers/
http://theguardian.com/lifeandstyle/2009/jan/25/divorce-women-research
http://theatlantic.com/business/archive/2016/04/the-divorce-gap/480333/