Divorce is a life-changing event that can be especially complex and stressful when it involves high-value assets. For homemakers who have spent their time managing the household and raising children, divorcing a wealthy spouse can bring about unique challenges.
To navigate the process effectively, homemakers should consider the key issues they might face in a high-asset divorce.
Homemakers often feel financially dependent on their spouses. When a marriage ends, the equitable distribution of assets becomes a major concern. Adequate financial planning can help homemakers secure their fair share of marital property.
Despite not earning outside income, homemakers play a significant role in the household. Data shows stay-at-home parents would earn a median annual salary of $184,820 for all the jobs they perform.
Documenting their contributions to the household, their children and their spouse’s career protects homemakers’ interests in a divorce. This documentation can include:
- Evidence of homemaking tasks
- Child-rearing responsibilities
- Sacrifices made for the family’s benefit
Such documentation strengthens a homemaker’s position to receive a fair settlement.
Alimony and spousal support
In high-asset divorces, homemakers may have the right to receive alimony or spousal support, which can help them transition to financial independence. Courts consider various factors when determining alimony, including the length of the marriage, the standard of living during the marriage and each spouse’s financial situation. Homemakers should prepare to make a compelling case for the financial support they need.
Property division and asset valuation
Assets like real estate, businesses, investments and valuable personal property can complicate the division of property in high-asset divorces. Homemakers should ensure that all marital assets are properly evaluated and divided. Accurate valuation is important for a favorable settlement.
Emotional and psychological impact
Homemakers preparing for divorce may have concerns about their future financial stability, their role as parents and the prospect of re-entering the workforce after a long hiatus. Seeking emotional support from friends, family or therapists can be invaluable during this time.
While the road may be challenging, with proper planning and support, homemakers can emerge from high-asset divorces with their fair share of assets and a promising future ahead.