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Zetta what do you think is the reality of returning to the workforce after being out? As hard as people make out? Do you lose a lot of finaces?
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I think it's very difficult to make generalizations. It will vary by what line of work you are in, how much experience you had before you left, how long you stay out, how well you maintain your network and keep up your skills, and the state of the economy when you try to find work. If you are considering staying home for a time, it's good to think about reentry stratgies before you leave.
I knew someone who had taken a year off to travel and was able to find work afterward, and an older guy who had been laid off for two years and then found work, so I reasoned it wouldn't be a big deal to be out for 12-18 months in my field. My assessment was that at the 3 year mark I would need to at least have taken some classes, and at the 5 year mark I would need to get some sort of certificate or a master's degree to get back in. Beyond that I think I would be looking at a career change or starting over at the entry level. I didn't have a set timeframe for how long I would stay out, but figured I'd do it when it felt right. Of course, the real test will come if I decide to transition from contracting back to a regular job.
While I was out, I made a point of going to lunch every month or two with old coworkers (my mom babysat), and those contacts led to my present job. It probably would've been a good idea to take some online classes along the way.
Financially you have to consider both the loss of salary during the time you are out and the opportunity cost of not getting salary increases and promotions in your career (and weigh it against the opportunity cost of the time not spent with your baby.) I've taken a step backward by going from project lead to programmer, for instance, and am doing less interesting work than before. My DH has received $30k in raises in the last 3 years, and I might have seen a similar increase.
I also have a big nest egg that I acquired before I married (and keep as separate property), so I have better than average protection if my marriage is unexpectedly struck by one of the 3 D's -- death, divorce, or disability. Staying home does increase your vulnerabilty if one of these hits, but I don't believe in making the decision whether or not to work solely based on fear. You just have to consider the possibilities and think through how you would get back on your feet if the worst happened.