Are you a stay-at-home parent? Do you have a pre- or post-nuptial agreement in place? Hasn’t crossed your mind? Here’s why it’s important.
Pre- and postnuptial agreements are common for older individuals who have well-established careers and finances. These documents outline the rights and responsibilities of each party in the event of a divorce, protecting each from the fallouts that can occur during separation. For most young couples and newlyweds, pre- and postnuptial agreements never cross their mind. There are simply other things to worry about, such as the wedding, building a career and starting a family. Divorce mediation and â€œunhappy endingsâ€ are not things that you want to consider when just beginning â€” but it is absolutely necessary.
Most couples outline their expectations of one another early in the relationship, before marriage. They let one another know their goals, hopes, dreams and if/when they want children. An increasing number of men and women are opting for one parent to stay home and care for the children while the other continues to work. As a stay-at-home parent, you should absolutely consider a pre- or postnuptial agreement.
Parents who stay home to care for children leave the workforce to do so. While couples may plan for the financial setbacks that this might incur, the professional setbacks to the stay-at-home parents career goals are almost never considered.
It can be very difficult for the parent who has missed an extended period in the workplace to get back into their career after a separation. This can leave the parent without an income. A pre- or postnuptial agreement can outline terms that require the working spouse to continue to provide financial support to the other, who had sacrificed valuable time to raise the children, in the event of a divorce.
Aid for Education or Training
Taking time to raise children often results in major professional setbacks. If the parent who is staying home does not continue an education or achieve certifications during the years that they are home, they will find it difficult to be competitive in the job market. In the event of a divorce, it is critical that the stay-at-home parent is able to show that they are a good candidate to fill a professional position.
Having some sort of education, training or background is necessary for a good resume. A pre- or postnuptial agreement can require the parent who had worked outside of the home to provide financial aid to the stay-at-home parent so that they may receive an invaluable education or professional certifications after a divorce.
The stay-at-home parent will require child care services to successfully re-enter the workforce after a divorce. Rather than going through a lengthy court process to achieve childcare funds from their ex-spouse, couples can benefit from having this responsibility outlined in a pre- or postnuptial agreement.
Pre- and postnuptial agreements are designed to protect both parties in the event of a divorce. It is especially important for stay-at-home parents to consider demanding this type of contract so that they may receive the care they are entitled to in the event that separation or divorce occurs. Unfortunately, we encounter this situation far too often and encourage couples to work together to create a collaborative agreement that protects both themselves, their family and their futures.