Sound Advice - Compassionate Counsel - Free Initial Consultation
309-481-2431
Essig Law Office

What should you do with your finances after a divorce?

Working your way through divorce can be time consuming as you make impactful decisions regarding your future as an independent individual. For one, adjusting your finances to compensate for your relationship changes may require modifications to your spending habits in order to protect your assets. Fortunately, there are proactive steps you can take to organize and rebuild your finances after having gone through a divorce in Illinois.

According to Forbes, you can carefully negotiate your financial agreement during your divorce to provide you with benefits. Often, these types of settlements will require you to be flexible and willing to compromise on assets such as retirement plans and shared property. However, as you prepare to start providing for your own needs independently, here are some other important things to consider along the way:

  • Create a budget and designate a responsible amount for spending to make sure you are not putting yourself into unnecessary debt.
  • Look closely at your beneficiary designations and make adjustments to avoid spending unnecessary money on people you are no longer responsible for.
  • Keep an eye on your credit and be proactive about paying all of your bills to keep your credit score in a good position.
  • Consider selling the home you and your spouse shared or refinancing it to get a lower payment.
  • Make sure you are getting what was promised from any agreements related to child support and alimony.
  • Split any retirement plans that you shared with your ex to make sure you have something in place for the future.

The information in this article is intended for educational purposes only and should not be taken as legal advice. 

No Comments

Leave a comment
Comment Information

Our Testimonials

  1. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

  2. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

  3. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

  4. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

Email Us For A Response

We Can Resolve Your Legal Issue

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Essig Law Office

Washington Office 135 Washington Square Washington, IL 61571 Phone: 309-481-2431 Fax: 309-444-1916 Map & Directions

Roanoke Office 313 N. Main Street Roanoke, IL 61561 Phone: 309-481-2431 Fax: 309-444-1916 Map & Directions