Cost of being a stay-at-home mom: $1 million - MSN Money

"Cost of giving up a career: $1 million
She uses herself, a writer (ahem), as an example of what happens when women decide to leave the workforce. Most not only forfeit their income, but also retirement savings, pension and other benefits. All told, Crittenden says, she gave up about $700,000. Shocking? Yes. Unlikely? Nope. Economists say that the stay-at-home parent who relinquishes a career may lose about $1 million over the years.
Crittenden doesn't regret a minute of the time she spent with her son; nor do any of the mothers she interviewed. But the financial tradeoffs she lists are a stunning indictment of a mother's financial vulnerability. To combat these realities, Crittenden recommends a slew of smart policy changes that would reduce the financial penalty of having kids, especially for stay-at-home moms (or SAHMs, as they're increasingly abbreviated). But if you, like me, would like to consider staying home before the glacial pace of government acts on your behalf, here are some practical ways to shore up your financial (and emotional) security now.
Reconsider the prenup
Don't sign your rights away in a prenuptial agreement. Prenuptial agreements are meant to protect the financial assets of both partners, so make sure yours does. By choosing to stay at home, you're limiting your future income prospects, so make sure any agreement you sign takes into account your somewhat special status as a stay-at-home parent. (If you've already signed one and are now thinking of having children, you and your spouse can renegotiate.) Katherine Stoner, a certified family law specialist in San Francisco, recommends the following precautions:
Many premarital contracts are boilerplate, so it's important to weed out any offending clauses. You don't want to sign anything that waives your right to spousal support or future spouse rights in the event of death or divorce.
Get a lawyer to help you plan this, Stoner says. Or you'll be leaving an awful lot up to chance and the generosity of the courts.
Even if the exact details are fuzzy, spell out your future financial plans in the prenup. For example, some couples stipulate that in the event of divorce, since the wife gave up 10 years of her career to raise Jack and Jill, the court should take that into consideration when determining her settlement. You don't need the details, as long as the intention is clear.