Free Consultations: 630-427-4407
Life after divorce brings new financial realities that can feel overwhelming at first. Many people leave the divorce process unsure how to reorganize their finances, protect their assets, or rebuild long-term stability. These concerns are normal, especially when you have spent years sharing income, expenses, and financial responsibilities.
As attorneys serving individuals throughout Downers Grove and the greater Chicago area, we understand how important it is to regain control and create a secure plan for the future. Illinois divorce laws provide structure for dividing marital property, awarding support, and allocating responsibilities, but planning does not end once the final judgment is entered. Post-divorce financial decisions play a significant role in your long-term confidence and independence.
Illinois follows the equitable distribution model under 750 ILCS 5/503, meaning marital property is divided fairly rather than automatically 50/50. After the divorce concludes, it is essential to understand precisely which assets you now own, what liabilities you are responsible for, and how those assets are titled. We frequently advise clients to obtain copies of all settlement documents, account statements, and transfer forms so nothing is overlooked.
If your former spouse fails to cooperate with transferring assets awarded to you, such as retirement accounts through a Qualified Domestic Relations Order (QDRO), bank accounts, titles, or deeds, you still have legal remedies. Illinois courts retain authority to enforce judgments under 750 ILCS 5/511. Timely enforcement protects your rights and prevents unnecessary financial setbacks. However, that does not mean you can necessarily wait forever and then still ask the Court for help. As soon as you suspect that your spouse may have hidden or failed to disclose assets you should reach out to an experienced divorce attorney like the ones at SBK Law Group.
Many individuals experience significant shifts in income after divorce. Some rely on maintenance payments governed by 750 ILCS 5/504, while others may now be fully responsible for expenses previously shared. This transition requires a realistic assessment of your monthly cash flow.
If your financial situation changes substantially, such as losing a job, facing increased expenses, or encountering medical challenges, you may qualify for a modification of maintenance or child support under 750 ILCS 5/510. However, these modifications are not automatic. You must petition the court and show a meaningful change in circumstances.
Particularly in the case of a reduction in child support. You cannot simply pay less in child support because you are suddenly earning less. Unless and until the court changes the amount of child support you are supposed to be paying, then it remains the same regardless of your changed financial situation. We help clients evaluate whether such adjustments are appropriate and prepare the necessary documentation.
Once your property has been divided, protecting your assets becomes a key priority. This includes updating beneficiaries on life insurance, retirement plans, and investment accounts. Many people forget that divorce does not automatically remove an ex-spouse from beneficiary designations. Failing to update them can lead to unintended results in the future.
Estate planning updates are equally important. Illinois law does not automatically revoke certain estate provisions upon divorce. Revising your will, power of attorney, and health care directives ensures that the people you trust, not your former spouse, control your affairs.
We also advise clients to reassess insurance needs. Health insurance, disability coverage, and homeowner or renter policies may all require adjustment after divorce. Protecting yourself now reduces financial vulnerability later.
Divorce often impacts credit scores, especially when joint accounts, shared loans, or missed obligations remain unresolved. Your first step should be reviewing your credit report with each major bureau to ensure all joint accounts have been closed or refinanced into the responsible party’s name.
If your former spouse was ordered to pay certain debts under the divorce judgment but fails to follow through, creditors may still contact you unless the debt is solely in their name. In such cases, legal enforcement may be necessary. Building new lines of credit in your own name, budgeting carefully, and maintaining consistent payments help restore financial independence.
Post-divorce financial stability includes more than managing day-to-day expenses. It requires planning for savings, emergencies, and retirement. Many clients need to adjust retirement contributions, especially if marital assets were divided. Setting realistic financial goals and working with financial professionals can help create a plan that supports your long-term well-being.
Child-related expenses are another long-term consideration. Illinois child support laws under 750 ILCS 5/505 outline the responsibilities of each parent, but additional expenses, such as extracurricular activities, medical care, and college costs, often require cooperation or further court involvement. Clear communication and proper documentation help prevent misunderstandings and protect your financial interests.
Your first step is organizing your documents. Gather your divorce decree, property settlement, account statements, deeds, vehicle titles, retirement account information, and insurance policies. Confirm that all court-ordered transfers have been completed. Update your beneficiaries, revise your will and powers of attorney, and ensure all joint accounts have been closed or separated. Taking these steps promptly helps prevent financial surprises and secures the assets awarded to you. It is always advisable that you seek the assistance of a financial planner, especially one who is familiar with divorced clients.
Maybe. First and foremost, the terms of your respective Marital Settlement Agreement (MSA) will likely govern this. If your MSA is silent on this issue then then statute would apply. Illinois law allows modifications when there is a substantial change in circumstances under 750 ILCS 5/510. This may include job loss, significant income reduction, increased medical expenses, or changes in your child’s needs. Modifications are not automatic; you must petition the court and provide evidence supporting the change. We evaluate whether your situation meets the legal threshold and help prepare the petition so the court fully understands your circumstances.
If your ex-spouse fails to comply with the court’s orders, Illinois courts have the authority to enforce the judgment under 750 ILCS 5/511. Enforcement may include contempt proceedings, fines, wage garnishment, or other remedies. You should not accept noncompliance as final. We can petition the court to compel action and ensure your rights are honored without further financial disruption. Furthermore, depending upon how egregious or unreasonable your ex’s reason are for not paying, it may be possible to seek attorney’s fees as a result of them forcing you to take them back to Court.
Start by reviewing your credit reports to identify joint accounts or debts that may still list you as a responsible party. Close or separate these accounts as required by the divorce decree. Open new accounts in your own name if needed to rebuild credit. If your former spouse fails to pay debts assigned to them, creditors may still contact you if the debt remains jointly held. In such cases, legal enforcement under the divorce judgment may be necessary.
Yes. Wills, trusts, powers of attorney, and health care directives should all be updated. Illinois does not automatically revoke all provisions involving an ex-spouse. To protect your wishes, update your documents promptly. You should also review the beneficiary forms for your life insurance and retirement accounts, as those designations override the instructions in your will. Ensuring accuracy now prevents significant complications later.
If you are working to rebuild your financial life after divorce, our attorneys can help you understand your rights, enforce the divorce judgment, and create a plan that protects your long-term stability.
SBK Law Group represents clients in Downers Grove and throughout the Chicago area from our Downers Grove office. Contact the Downers Grove divorce attorneys at SBK Law Group today at 630-427-4407 to schedule your consultation.
