Divorce is both an emotional and legal process—but it's also a financial one.
While most people focus on hiring an attorney and preparing for the legal complexities ahead, financial preparation is equally essential. Laying a solid financial foundation before filing can help reduce stress, support clearer thinking, and ultimately lead to a more stable outcome.
This checklist outlines the money steps to take before filing for divorce—practical actions that will give you clarity, control, and confidence during an uncertain time.
1. Inventory Your Assets and Debts
Start by listing everything you own and everything you owe.
This includes both joint and separate accounts—checking, savings, credit cards, investment accounts, retirement plans, real estate, vehicles, and personal property.
Make sure to document all outstanding debts as well, including mortgages, car loans, student loans, and credit card balances. Even if an account is in your spouse’s name only, it may still be considered part of the marital estate depending on your state.
This step forms the backbone of your financial planning during divorce and helps ensure that nothing important gets overlooked.
2. Organize Key Documentation
Next, gather and safely store important financial documents. You may need these throughout the divorce process, especially during discovery and negotiation.
At a minimum, collect:
- Tax returns (last 3–5 years)
- Pay stubs and employment contracts
- Bank and investment statements
- Retirement account summaries
- Property deeds and mortgage documents
- Insurance policies (life, health, home, auto)
Be sure to make digital and physical backups of everything and store them somewhere secure. This kind of documentation offers a clearer picture of your marital finances—and it can be especially helpful if financial information becomes less accessible after separation.
3. Establish Individual Accounts
If you don’t already have your own checking and savings accounts, now is the time to set them up.
This also includes applying for a credit card in your name only, if you don’t have one already. Rebuilding individual credit is often necessary, especially for spouses who have relied on joint accounts or were not the primary earners.
Timing matters—so before moving or withdrawing money from joint accounts, consult with your attorney. Taking these steps too early or without guidance could raise concerns later in court. But done properly, this step lays the groundwork for financial independence post-divorce.
4. Track Household Income and Spending
Understanding your current cash flow is critical—both for short-term budgeting and long-term planning.
Start by monitoring all income sources and tracking where money is being spent. This includes fixed costs like the mortgage, utilities, and insurance, as well as variable expenses like groceries, childcare, subscriptions, and entertainment.
This insight will help you forecast future needs and prepare for discussions around spousal or child support, alimony, and equitable division.
Many people overlook this step, but it’s one of the most impactful when trying to prepare finances for divorce with accuracy and confidence.
5. Consider Your Professional Support Team
Divorce touches every area of your life, and no single professional can manage it all. That’s why building a well-rounded team is one of the smartest steps you can take.
A Certified Divorce Financial Analyst® (CDFA®) or financial advisor can help model different outcomes, assess your financial security post-divorce, and offer guidance on settlement options.
An experienced divorce attorney will help protect your legal rights and navigate the formal process.
A therapist or counselor can help you manage the emotional toll and make decisions from a more grounded place.
Each professional brings a different kind of expertise—and together, they can help you move forward with clarity, stability, and dignity.
Taking Control Before You File
Divorce may signal the end of one chapter, but it also opens the door to a new beginning.
By taking these financial steps before filing, you give yourself the tools to make smarter decisions, avoid surprises, and create a more secure future. You don’t have to go through it alone.
At MJT & Associates, we guide clients through divorce with empathy and foresight. Our planning-first approach helps you navigate the financial complexities with confidence—and come out stronger on the other side.
