Going through a divorce brings about many uncertainties and potential issues. One of your primary concerns during the divorce process will likely be your future finances, especially if you are not employed and stay at home to look after your children.
Since your divorcing spouse was the person who earned an income for your family, you may worry about how you will be able to become financially independent in the future. As well as being entitled to your share of marital assets, you’ll likely be the recipient of child support, especially if you are given sole or primary custody of your children. In addition to these financial arrangements, you may be entitled to alimony, otherwise known as spousal support. The following are the considerations that will be made by the courts if you petition for alimony as a stay-at-home parent.
The length of the marriage
The longer a person has been married, the more alimony they are likely to be awarded, since they will have become more financially dependent on their spouse.
Each party’s financial resources
The assets that you received in the divorce settlement will be considered when alimony is calculated.
The alimony recipient’s employability and earning capacity
Your previous work experience, your qualifications and skills, and your potential earning capacity will be considered when calculating alimony. Additionally, the courts will try to estimate how much time you need for retraining and rehabilitation before you can be expected to work again.
Each spouse’s contributions to the marriage
Both thecontributions that each spouse has made to a marriage will be considered. This means that if you gave up your career to care for your children full time, this will be seen as a valuable contribution.
If you areand you are concerned about how much you will receive in alimony payments, make sure that you take action to plan your divorce strategy in more detail.