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I Just Got A Divorce. Now What?

Going through divorce can be emotionally difficult and draining, but it’s important to remember the financial aspects involved too. Now that you’re divorced, it’s critical to understand how the divorce will impact both your current and future finances. Some of the most important steps in gaining control of your finances includes understanding the divorce settlement agreement, updating your beneficiaries, and creating a new start. With that in mind, here are some tips to help you navigate the financial side of your divorce. 

Understanding the Divorce Settlement Agreement

The first step in managing your finances after a divorce is understanding the terms of your divorce settlement agreement. The attorney that provided the representation for your divorce should go over the divorce settlement agreement with you. If they did not, or you did not have legal representation, know that it is important to go over this document with an attorney who specializes in family law so that you can ensure everything is accurate and fair. The agreement should include information about division of assets, spousal support or alimony payments, child support payments, and other legal matters pertaining to your divorce case. It is essential that you understand what these terms mean for both short-term and long-term financial goals. 

Updating Beneficiaries

Another important financial step following a divorce is updating beneficiaries on any accounts or documents that list them by name. This includes life insurance policies, retirement accounts, wills, trusts, bank accounts, and more. Failing to update these documents could result in unintended consequences down the road if something were to happen to you or if you choose to remarry. Therefore, it’s best to take care of this as soon as possible after receiving the final judgement from the court. 

Creating A New Start

Though emotions may still be raw after a divorce, it’s important not to let that keep you from moving forward with your life financially. Create a budget and start planning for new goals such as saving for retirement or purchasing a home. These are both achievable goals with proper planning and execution! You may also want to consider talking with a financial advisor about how best to manage investments or plan for larger purchases like vehicles or vacations. Professional divorce lawyers in Chicago can help make sure that you’re making smart decisions regarding long-term financial stability following your divorce proceedings.  

Divorces typically come with emotional roller coasters but don’t let them prevent you from taking control of your finances once all proceedings have been finalized by the court system. Understanding what was agreed upon in the settlement agreement will give clarity into all available options moving forward financially. Whether it be updating beneficiaries on accounts or investing in new opportunities like retirement savings plans or real estate purchases, there are plenty of resources available for someone going through such an experience here in Chicago. Taking charge of one’s own finances during this time can provide relief from stressors associated with divorces while propelling one towards desired long-term goals and dreams.

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