Leaving the Michigan workforce to raise your child can be immensely rewarding, but it may also be a decision you and your spouse do not take lightly. The effects this move makes on current financial status, retirement accounts and future earning potential may be long-lasting. At The Law Office of Lorrie J. Zahodnic, P.C., our team understands that these types of decisions can change the balance of marital relationships if not dealt with carefully.
Forbes magazine notes that because you will become completely dependent upon your spouse, it could create a new dynamic between the two of you if you do not make the commitment to view the single income as a joint income. One way to create this balance is through a postnuptial agreement that recognizes the value of your new role and the contributions you are making. This document ensures that even if your relationship does not survive, you will not be left without an income. This does not mean that you and your spouse are considering a divorce. Instead, by committing to your support, your spouse will essentially be renewing his or her vows to you through this agreement.
Once you step away from your career, you may not be able to step back into the same position, depending on how long you make parenting your full-time occupation. When you are ready to get back into your field, you may need education or training to catch up on all the latest advances. Acknowledging the expense and time that the training might take in your postnuptial agreement may ensure the financial support you need in order to get back on your feet again.
More information about how marital assets, earning potential and contributions of each spouse may affect property division is available on our webpage.