If you’re a stay-at-home mom considering a divorce, it can be a scary proposition.
Where do you start? How’s your life going to change? What new responsibilities will you be facing?
To answer these questions and successfully transition into the next phase of your life, you’ll need a clear plan of action and some helpful guidance. Take a look at how you can begin forming a financial strategy before you even meet with your divorce lawyers in Columbus, Ohio.
Knowing what it takes to keep your household running is a powerful piece of information. But if managing the finances wasn’t part of your responsibility during your marriage, you may feel somewhat lost when you’re faced with financial duties.
First, take a 30,000-foot view of your finances, starting with gathering all your financial records:
Once your attorney has all of this info in hand, you can begin making a financial plan. This could include negotiating alimony, heading back into the workplace or going to school.
Now that you have a clear path, it’s time to run with a budget by keeping track of your finances and spending habits.
Assuming you’ve had joint banking accounts with your spouse throughout your marriage, you’ll probably also need to open your own savings and checking accounts—something your bank should be more than happy to walk you through.
The court will calculate your child support, if it applies, using a formula that computes an amount based on the combined incomes of both you and your spouse among other factors.
However, if your combined gross incomes exceed $150,000 annually, or is less than $6,600 per year, child support will be determined on an individual, case-by-case basis. With some of the information above, your attorney can provide you with an estimate of child support the court might order.
If you’re facing a divorce as a single mother and have questions about the process, contact the divorce lawyers at Babbitt & Dahlberg. We’ll answer all of your questions and help you come up with a gameplan to start your new life.