If you are thinking about divorce, going through one, or are already on the other side and need legal help, the dedicated Chicago, IL divorce lawyer team at Merel Family Law is here for you. Since opening our doors in 2009, we have helped over 5,500 clients resolve their divorce and other family law issues.
Taking Control Of Your Financial Future
Divorce changes nearly every part of a person’s financial life. Income, expenses, and savings all shift as one household becomes two. Rebuilding your finances after divorce begins with understanding where you stand today and planning for where you want to be in the months and years ahead.
Start by creating a new budget that reflects your current income and living expenses. Include housing, utilities, insurance, and any child or spousal support payments. This will help you see what is affordable and where adjustments might be needed. Many people find that downsizing, paying off smaller debts, or consolidating expenses helps them stabilize their situation sooner.
Reviewing Assets, Debts, And Credit
It’s important to know exactly what you own and owe once the divorce is finalized. Close or update any joint accounts that remain in both names, as shared credit can still affect your score. Consider requesting copies of your credit reports to confirm accuracy and identify any remaining obligations.
If you received property or investments as part of the divorce settlement, take time to understand their current value and potential tax effects. Retirement accounts, for example, may require a qualified domestic relations order (QDRO) to divide properly. Keeping track of these details helps prevent future disputes and financial surprises.
If you are thinking about asking for a divorce, have been served papers, or are in the midst of one and have questions, your divorce attorney can tell you what to expect during a divorce or what is left of your particular divorce, what to expect during the filing process, and answer any questions you have.
Planning For The Long Term
Once immediate needs are met, shift focus toward long-term goals. Revisit your savings and investment plans, even if you need to start small. Establishing a steady routine for saving can help rebuild financial security over time.
You may also need to update your will, beneficiaries, and insurance policies. Many people forget that these items still name their former spouse. Updating them now prevents future complications and ensures your assets go where you want them to.
If children are involved, keep clear records of all child-related expenses and support payments. Doing so provides transparency and can protect you if modifications become necessary later. Working with a trusted financial advisor can also help you identify opportunities to rebuild credit, increase savings, and plan for retirement under your new circumstances.
We Are Here To Support You
At Merel Family Law, we know that rebuilding life after divorce is about more than just legal documents—it’s about moving forward with confidence. We help clients in both Illinois and Michigan through every stage of the process, from divorce filings to post-divorce matters such as support or custody adjustments.
If you would like to speak to an experienced and compassionate family lawyer, reach out to Merel Family Law today or whenever you are ready.
