This is a story I’ve heard countless times over the years, from both clients and colleagues. A new couple, worked hard and made excellent salaries, affording them the classic DINK (double income, no kids) lifestyle for a few years. Like many of their peers, one becomes a SAHP (stay-at-home parent) and, happily at the time, leaves their job. Over the years, one parent finds themselves wondering what the other does all day, or becomes jealous of the work opportunities left behind.
Perhaps one conveniently forgets that it was a mutual decision. Eventually, the marriage comes apart. And now one faces life as a jobless single parent, and seeks alimony as well as child support.
While many may consider raising children a full-time job, the legal system does not. Family courts expect you to support yourself, and being a caretaker will not excuse you from that expectation. In other words, don’t assume that because you’ve been working as a SAHP, you’ll receive alimony covering full support. The primary driver of this shift is what is known as Alimony Reform.
So, what happens to the one SAHP down the road? That depends on how they addressed the sacrifices made in leaving their job years ago. In doing so, one gave up a salary, their peak earning years, benefits, becoming entirely dependent on the other spouse for health insurance and retirement savings. They gave up all the momentum of an up-and-coming career… momentum very unlikely ever to regain. Divorcing SAHPs, confronted with this reality, have to begin pursuing full-time paid work and may also have to prove to the court that they’re doing so. Many end up taking jobs ill-suited to their education and skill sets.
Whatever path you decide is best for you and your family, one thing is certain: you need to protect your financial future. A prenup or postnup is an absolute legal and financial necessity for any spouse choosing to give up paid work and all its associated benefits, tangible and otherwise, to stay home with the children. However valuable at-home parenting may be to you, and it certainly has its rewards, it is inarguable that becoming a SAHP is riskier financially, than continuing to do full time paid work.
Greater risk warrants greater protection, and a well-executed postnuptial agreement can provide it. For more information and a complimentary consultation regarding all dissolution matters, custody, support, pre and post nups, contact the Law Office of Steven B. Chroman, P.C. at 661-255- 1800 or visit us at www.chromanlaw.com.
This article was originally published in Santa Clarita Magazine as part of our firm’s mission to make family law information more accessible to the Santa Clarita community. Read the full feature and others at santaclaritamagazine.com.