Cutiepie_Livie's journey

I recently found myself in a difficult situation at my company, where I've been working for five years. They just announced a restructuring, and unfortunately, my current role is being eliminated. They've offered me a 'new' position, but it's essentially the same job with a 15% pay cut. This feels incredibly disheartening, especially since I've consistently exceeded expectations during my time here. I'm really torn about what to do. I have bills to pay and a family to support, so I can't afford to be without a job. I'm wondering if this pay cut is even legal and if anyone else has faced a similar situation. Should I negotiate for a better offer, or is it wiser to start looking for a new job right away? I'm feeling the pressure and would appreciate any advice.