Going through a divorce is challenging for anyone, but for stay-at-home parents in New Jersey, the situation can feel particularly overwhelming. When you have spent years focusing on caring for your children and managing the household, the financial realities of separation might seem daunting. The thought of transitioning from a shared income to relying on yourself can bring up many concerns about stability and security for both you and your children. Fortunately, with the right planning and understanding of your options, you can make thoughtful decisions that will help you navigate this difficult time. At, Tanya L. Freeman, Attorney at Law , we are here to guide you through the legal process and help you navigate the complexities of your case.
Understanding Your Financial Situation
One of the first steps in preparing for a divorce is to get a clear picture of your current financial situation. As a stay-at-home parent, it’s possible that you may not have been directly involved in the management of the household’s finances. This is why it’s important to gather all necessary documents, such as bank statements, credit card bills, mortgage records, tax returns, and any other records that reflect your family’s financial standing.
It can be helpful to take the time to familiarize yourself with both your assets and your debts. By understanding what is owned jointly or separately, as well as any outstanding loans or liabilities, you will have a better sense of what to expect when it comes to the division of property and debts. Knowing where you stand financially is a crucial first step toward creating a plan that works for you moving forward.
Spousal Support and Child Support
As a stay-at-home parent, you may be concerned about how you will support yourself and your children after the divorce. In New Jersey, there are laws in place to protect parents in your situation. Spousal support, also known as alimony, is designed to provide financial assistance to a spouse who may not have the means to support themselves after the separation. The amount and duration of spousal support depend on various factors, including the length of the marriage, the lifestyle you enjoyed during the marriage, and the financial needs of both parties.
More than an accomplished divorce and family law attorney, Tanya L. Freeman, is a consummate professional with a wealth of corporate and life experience. Known as a leader and strategist, Tanya L. Freeman was appointed by the Governor of New Jersey as Chair of the Board of Directors of the University Hospital in Newark, New Jersey. Tanya L. Freeman also presents among the ranks of public speakers. She captivates and inspires professional groups nationwide. "Tanya has the eloquence and oratory brilliance with the ability to forge deep connections with her listeners."
Tanya L. Freeman, Attorney at Law
Managing Partner of the Family Law Practice at Callagy Law
Child support is another critical consideration for stay-at-home parents. In New Jersey, child support is calculated based on both parents’ incomes and the needs of the children. The goal of child support is to ensure that the children’s standard of living remains as consistent as possible, even after the divorce. Understanding the process of determining child support and alimony will give you a clearer idea of how your finances will be structured after the divorce.
Budgeting for Your New Life
Once you have an understanding of spousal support, child support, and the division of assets, the next step is creating a budget for your new life. This may be the first time you are solely responsible for managing a household budget, and it’s important to plan for both your immediate and future needs. Your budget should include housing costs, utilities, groceries, transportation, and any expenses related to your children, such as school fees, extracurricular activities, and healthcare costs.
In addition to the basic necessities, it’s important to think about long-term financial planning. Consider what steps you might need to take to increase your earning potential in the future, such as going back to school or receiving job training. While the transition may be difficult at first, having a clear plan in place can help you regain financial independence and set a strong foundation for the future.
I was very fortunate to find Tanya online during an urgent family matter. I was able to speak with her on our situation and she immediately jumped on the case the same day. I was impressed at her knowledge and her team as they were able to answer questions on the spot and navigate through an unpleasant situation. Her honesty and responsiveness have made this process much easier, and the support she has provided has truly gone above my expectation of a family law firm. This is truly an exceptional firm & I would highly recommend.” - Lydia Martinez My father recently hired Tanya Freeman; Family Law Attorney and her team as a replacement to handle his divorce which has been going nowhere for over 3 years with a different attorney. Tanya and her team have done so much within just a few months for his trial and has given my father a new sense of hope. The team is always quick to respond to any questions. The case is still ongoing, however, my father has newly restored confidence that he will be treated fairly and with his best interest in mind. We definitely recommend Tanya Freeman; Family Law Attorney." - Molly Howard Tanya is an outstanding attorney! Her attentiveness to detail and willingness to be honest with her clients means you’re going to get the best possible outcome for your case. She and her team went above and beyond, making sure my divorce and custody case ended neatly and in the best interest of my children. Her pricing is reasonable and she’s willing to work with you. I highly recommend Tanya Freeman to anyone going through a divorce or family law case!" - Jenifer Mckinney
Considering Your Employment Options
Many stay-at-home parents face the challenge of re-entering the workforce after years of focusing on their families. While the thought of finding a job may feel intimidating, there are resources available to help you make the transition. Start by considering your skills and interests. Even if you haven’t been in a traditional workplace for years, the skills you developed as a stay-at-home parent—such as time management, organization, and multitasking—can be valuable in a professional setting.
You may also want to explore opportunities for further education or training. In New Jersey, there are various programs and services available to help parents who are seeking to re-enter the workforce. Whether it’s through community colleges, vocational training, or online courses, investing in your education can open doors to new career opportunities that will help you support yourself and your family in the long term.
Protecting Your Retirement
Another important aspect of financial planning during a divorce is considering your retirement. As a stay-at-home parent, you may not have been contributing to a retirement account in your own name. However, if your spouse has been contributing to a retirement plan during your marriage, you may be entitled to a portion of those funds. In New Jersey, retirement assets such as 401(k)s, pensions, and IRAs are considered marital property and are subject to equitable distribution.
It’s important to ensure that your share of any retirement accounts is properly divided and transferred into an account in your name. This process can be complex, so it’s advisable to work with a legal professional to ensure that your retirement funds are protected.
Healthcare and Insurance Considerations
Healthcare is another critical issue for stay-at-home parents going through a divorce. If you were previously covered under your spouse’s health insurance plan, you will need to explore new coverage options once the divorce is finalized. In New Jersey, you may be eligible for COBRA coverage, which allows you to continue receiving benefits from your spouse’s employer-sponsored health insurance plan for a limited time. However, COBRA can be expensive, and you may want to explore other options such as enrolling in an individual health insurance plan through the marketplace.
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In addition to health insurance, you should also review other forms of insurance, such as life insurance and disability insurance. If you have children, it’s important to ensure that both you and your ex-spouse maintain adequate life insurance coverage to protect your family in the event of an unexpected loss.
Navigating the Divorce Process
The legal process of divorce can feel overwhelming, especially if you are unfamiliar with the steps involved. In New Jersey, the divorce process typically begins with the filing of a complaint for divorce, followed by negotiations or court hearings to resolve issues such as child custody, property division, and spousal support.
As a stay-at-home parent, it’s essential to have a legal professional who understands the unique challenges you are facing. Having a knowledgeable advocate by your side can help ensure that your rights are protected and that you receive a fair and equitable settlement.
Planning for Your Future
While the thought of starting over after a divorce may feel overwhelming, it’s also an opportunity to create a new path for yourself and your children. Financial planning is an important part of this process. By understanding your financial situation, creating a budget, and exploring your options for employment and education, you can take steps toward building a stable and secure future.
It’s also important to prioritize your emotional well-being during this time. Divorce can be emotionally challenging, and it’s okay to seek support from family, friends, or a counselor to help you through the process. Taking care of yourself both financially and emotionally will help you make the best decisions for your future and your children.
If you are a stay-at-home parent in New Jersey facing divorce, it’s important to seek legal guidance to ensure that your rights and financial future are protected. At Tanya L. Freeman, Attorney at Law, we are here to help you navigate the complexities of the divorce process and create a plan that works for you. Our team understands the challenges you are facing, and we are committed to providing the support and guidance you need during this difficult time. Contact us today to schedule a consultation and take the first step toward securing your future.