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Divorce Financial Advisors in DuPage County

Lombard divorce financial planner

Financial Analysts for Budgeting and Planning After Divorce in Wheaton, Naperville, and Surrounding Areas

A divorce can affect every aspect of your life, not the least of which is your financial situation. You may feel like you are starting over completely, without a clear idea of how to recover or move forward. You may be overwhelmed by the number of important decisions you have to make both during and after the divorce process, all of which can have lasting effects on your finances.

With Brookstone Wealth Strategies, you do not have to make these decisions alone. We have over 30 years of experience in financial management, and we will share our knowledge and advice to help you manage your finances during the divorce and make a plan for the future. Along with your divorce attorney, we will work to help you protect your interests and assets.

The Financial Impact of Divorce

The effects of a divorce on your finances can be far-reaching, and some may be immediately obvious while others may only become fully clear later on. Among other things, you may need to consider:

  • Division of assets and debts: The divorce process requires you to identify marital and non-marital property, and divide marital property according to state law. This includes assets of significant value, like homes, businesses, bank accounts, and retirement accounts. Marital debts must also be divided, which can affect your credit depending on the outcome.
  • Maintenance and child support: Many divorces involve court-ordered payments from one spouse to the other for child support and/or spousal support. It is important to understand whether you can expect these payments as a reliable source of income after your divorce, or whether you may be obligated to make payments that contribute to your monthly expenses.
  • Adjustment to a single income: Transitioning from a combined household income to an individual income is often one of the most difficult adjustments after a divorce, and you may find that it affects your standard of living in both the short term and long term, especially if you were dependent on your spouse's income during your marriage.
  • Changes to retirement plans: Many couples plan for retirement based on their combined contributions and savings. In a divorce, the need to divide retirement accounts and the transition from two incomes to one may require you to adjust your planned retirement date or budget.
  • Effects on insurance: If your health insurance was covered by your spouse's employer, you will likely need to consider options to continue coverage or find a new provider of your own.

Divorce Guidance From a Financial Professional

While an attorney is important to handle the legal aspects of the divorce process, we will work closely with your lawyer to help you understand how the divorce will impact your finances now and in the future. With our guidance, you may be able to better protect your financial interests and work toward financial stability.

Our assistance can begin before or during the divorce process and extend for many years after. Services we offer include:

  • Analyzing your current financial situation: It can be challenging to separate your individual finances from those of the marital estate, but with our help, you can determine the value of your non-marital assets and debts and establish well-informed priorities regarding marital property division and spousal maintenance. Once the divorce is final, we will analyze your assets and debts, income and expenses, and credit, so that you have a complete understanding of how you are starting out in this next stage of your life.
  • Budgeting and goal setting: We will work with you to identify your financial needs and priorities in the short term, including reducing debt, saving to further your education or buy a new home, or becoming financially independent before maintenance payments end, and we will help you create a budget and plan to achieve these goals.
  • Long-term planning: While you are working toward your short-term goals, it is also important to think about your long-term goals, especially those regarding retirement. We can help you understand the changes you will need to make after your divorce in order to feel comfortable with your retirement and develop a contribution and investment strategy that can help you reach your goals.

Contact a Warrenville Certified Divorce Financial Analyst

Whether your divorce is in the early stages, or you are trying to recover in the years after your divorce, we can help. Contact us today at 630-741-4491 so we can start providing you with the financial guidance you are looking for. From our office in Warrenville, we serve clients in Wheaton, Lombard, Downers Grove, Naperville, Batavia, Aurora, DuPage County, Kane County, and throughout the Chicago area, Illinois, and the United States.

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