Are Stay-At-Home Parents Entitled to an Equal Share of Assets?

 Posted on January 21, 2025 in Divorce

If you are contemplating divorce or are in the middle of one, you may be worried about your financial future, especially if you have been a stay-at-home parent for some or all of your marriage. While marital assets are just that—marital, subject to an equitable split—if you do not have the financial security from a regular income or recent work experience, divorce can leave you feeling very vulnerable.

If your children are still very young, the situation can feel even more precarious. The cost of childcare can be prohibitively expensive; for many, the paycheck they earn barely covers daycare and the most basic expenses. Now is the time for you to be proactive as you deal with this life transition. Speak to a highly skilled Batavia, IL family law attorney who can advocate for your financial future throughout the divorce.

Will You Receive a Fair Share of Marital Assets?

Illinois is an equitable distribution state. Unlike community property states that divide marital assets equally, equitable distribution states divide marital assets fairly. Even though your spouse may have been the only one bringing home a salary, this does not mean that the work you did as a stay-at-home parent has no worth. The parent who stays home with the children is usually a housekeeper and a cook while also caring for the children. Any one of these could potentially be considered a full-time job, albeit unpaid.

Since both you and your spouse are responsible for ensuring the children have a roof over their heads and that their basic needs are met, a judge might award you the marital home to avoid disrupting the lives of the children any more than necessary. It is important that you receive your fair share of the marital assets, which makes it important to have a family law attorney who will aggressively fight for you.

Are You Entitled to Spousal Maintenance in Illinois?

Your next conversation with your attorney should be to help you determine if you are entitled to spousal maintenance. If you are, this monthly income can help you pay your monthly bills and get back on your feet after being a stay-at-home parent. There are certain factors a judge will consider when determining whether you should be awarded spousal maintenance, including:

•  How the marital assets will be divided.
• The length of your marriage
• The needs of you and your spouse
• What standard of living was established during the marriage?
• The current and future earning capacity of you and your spouse
• The allocation of parental responsibilities
• The tax consequences resulting from the division of marital assets.
• The ages and physical and mental status of you and your spouse
• Attorney fees for each of you
•  Any other factors the judge deems applicable.

If you stayed at home to care for the children rather than furthering your career, you may be entitled to spousal support that will allow you to receive education and training for future employment. Spousal maintenance will be broken down into the length of time the maintenance will be paid and the amount that will be paid. Stay-at-home parents may qualify for temporary or long-term spousal maintenance, depending on the circumstances.  

Planning for Your Future

Creating a post-divorce budget is one of the most essential things you need to do in order to eventually achieve financial independence. Factor in all your sources of income and make saving for an emergency and retirement a priority. A financial planner may be able to help you create a workable budget and manage your assets after your divorce. When you are in control of your financial future, your stress levels are much lower, and you are able to face your future with the right mindset.

Contact a Kane County, IL Divorce Lawyer

When you choose a Geneva, IL divorce attorney from The Law Office of Matthew M. Williams, P.C., you have chosen an attorney who is focused on reducing your costs and making the process less contentious through alternative dispute resolution such as mediation or collaborative divorce. Call 630-409-8184 to schedule your initial attorney meeting.