The Financial Checklist You Need Before Filing for Divorce

16 Jul The Financial Checklist You Need Before Filing for Divorce

Divorce isn’t just an emotional decision; it’s a financial one. Whether you’re just considering separation or ready to file, the earlier you start preparing your financial foundation, the more empowered and protected you’ll be throughout the process. This checklist breaks down the must-do financial steps that can help you avoid surprises, reduce stress, and negotiate smarter.

1. Inventory All Financial Accounts

List every bank account, investment, credit card, loan, retirement account, and insurance policy—both joint and individual. Include account numbers, balances, and ownership.

2. Gather and Copy Key Financial Documents

Start collecting statements for:

• Bank and credit accounts (3 – 12 months)

• Tax returns (last 3 years)

• Pay stubs, W-2s, 1099s

• Mortgage or lease agreements

• Life insurance policies

• Business ownership or partnership records

Make both digital and physical copies and store them securely.

3. Open Your Own Bank Account and Email (if needed)

If you don’t already have one, open a personal checking/savings account at a different institution from your joint accounts. Consider a secure email address for all divorce-related communication.

4. Track Your Monthly Expenses

Start logging your current spending, groceries, utilities, subscriptions, childcare, and more. You’ll need this for both your financial affidavit and budget planning.

5. Check Your Credit Report and Freeze If Needed

Pull your credit report from all three bureaus and look for any surprises. If there’s a risk of unauthorized spending, consider a temporary credit freeze or fraud alert.

6. List All Assets and Debts

Include cars, real estate, investments, valuable belongings (like jewelry or art), and debts like student loans, personal loans, and medical bills. Don’t forget digital assets, too.

7. Start a Divorce File (Physical or Digital)

Use folders or cloud storage to organize:

• Court documents

• Communication logs

• Financial records

• Copies of legal letters or agreements

8. Think Ahead to Future Needs

Start listing your post-divorce priorities: housing, transportation, healthcare, childcare, and income. Knowing what you’ll need can help guide negotiations.

Getting organized before filing for divorce can feel overwhelming, but it’s one of the smartest moves you can make. This checklist gives you a foundation to work from, whether you’re working with an attorney, mediator, or financial coach. Take it one step at a time and remember: preparation is power.