Juggling the family calendar, shuttling kids to activities, packing lunches, and planning meals—these are hallmarks of the stay-at-home-mom (SAHM) lifestyle, often rooted in more traditional gender roles. While this arrangement has long been a part of family life, it’s seeing a resurgence thanks to social media platforms like TikTok and shifts brought on by the COVID-19 pandemic.
Many couples choose to embrace a dynamic where one spouse sacrifices their career to take on primary caregiving duties, while the other becomes the main breadwinner. However, this arrangement can lead to significant financial vulnerabilities for the non-income-earning spouse, especially in the event of divorce.
Economic challenges make it harder to sustain a single-income household, but for many upper- and middle-class families, particularly in largely white communities, this dynamic is growing more common. During the COVID-19 pandemic, nearly 860,000 women left the workforce, and many have chosen not to return.
While there is immense value in having one parent focus on caregiving and household responsibilities, when one partner controls the household income, the other can find themselves in a precarious position if the marriage ends.
With around 50% of first marriages ending in divorce, it’s essential for couples to approach this arrangement with a clear understanding of the potential risks and to establish a financial safety net to protect both parties.
Whether you decide before or during your marriage that one spouse will be the primary caregiver, a prenuptial agreement can provide peace of mind and financial protection for the stay-at-home parent. While no one plans for divorce, having a plan in place can make all the difference.
Our New Jersey family law attorneys can help you draft a fair and enforceable prenuptial agreement that may address:
New Jersey is an equitable distribution state, meaning assets earned during the marriage are generally divided between both spouses. However, premarital assets can become marital property if commingled. A prenuptial agreement can safeguard individual assets and ensure they remain separate.
New Jersey’s alimony laws often limit support for marriages under 20 years, and gaps in employment can make reentering the workforce challenging. A prenuptial agreement can outline specific spousal support terms, such as financial assistance for education or job training, to help the stay-at-home parent regain their financial independence.
A lump-sum payment clause can help balance the distribution of wealth acquired during the marriage, compensating the stay-at-home parent for their contributions as the primary caregiver.
Including a clause requiring joint bank accounts can promote financial transparency and ensure both spouses have access to household funds.
A prenuptial agreement can specify who retains the family home or covers housing costs after divorce, ensuring stability for the primary caregiver and children during a challenging transition.
The primary breadwinner’s health insurance often covers the family. A prenuptial agreement can require that the stay-at-home parent’s coverage continues for a certain period post-divorce. Additionally, life insurance policies naming the stay-at-home parent as a beneficiary can provide added security.
Even without a prenup, our skilled family law attorneys can work to ensure that a stay-at-home parent receives a fair share of marital assets and adequate alimony.
If you are considering a prenuptial agreement or have concerns about your rights as a stay-at-home parent in New Jersey, our experienced attorneys in Middlesex and Monmouth Counties are here to help.
Call us today at (732) 377-3367 to schedule a consultation and learn how we can assist you in securing your financial future.
