Divorce Financial Checklist

Before Filing

Preparation and documentation

Collect last 3 years of tax returns, bank statements, pay stubs, investment account statements, mortgage documents, and credit card statements.

Make copies of everything. Store them in a safe place outside the home or digitally in a secure cloud account.

Get your free credit report from annualcreditreport.com. Check for unknown accounts, debts, or joint obligations.

Knowing your credit score and all open accounts helps you plan for financial independence.

Open a checking and savings account in your name only if you don't already have one.

You'll need accounts that your spouse cannot access for your post-divorce finances.

List all marital and separate assets with approximate values: real estate, vehicles, retirement accounts, investments, business interests, valuable personal property.

Estimate your monthly expenses for living independently, including housing, utilities, insurance, food, transportation, and childcare.

Use the DivorceSmart Budget Builder tool for a detailed breakdown.

Obtain a professional appraisal or comparative market analysis for your home. Check recent sales of similar homes in your area.

Get current statements for all 401(k), IRA, pension, and other retirement accounts. Note which are marital vs. pre-marital.

Retirement accounts are often the largest asset after the home. Know what's on the table.

Try to save 3-6 months of living expenses in your individual account before filing.

Legal fees, deposits on new housing, and unexpected costs are common during divorce.

During Divorce

Negotiation and decisions

Interview at least 2-3 family law attorneys. Ask about experience with cases similar to yours, fee structure, and expected timeline.

A Certified Divorce Financial Analyst can help you understand the long-term financial impact of settlement proposals.

Especially valuable for complex finances, business ownership, or high assets.

Protect yourself from unauthorized accounts or debt taken on in your name during proceedings.

Use DivorceSmart to model different settlement proposals. Compare them side by side to see which leaves you better off at retirement.

The difference between proposals can be tens of thousands of dollars over time.

Know your state's alimony guidelines and whether you're likely to pay or receive support, for how long, and how much.

Use your state's child support calculator to estimate payments based on income and custody arrangement.

Decide whether to keep the house, sell it, or let your spouse keep it. Run the numbers on affordability and long-term cost.

Keeping the house often feels right emotionally but may not be the best financial choice.

If splitting retirement accounts, a Qualified Domestic Relations Order (QDRO) is required. Budget $1,000-$3,000 for preparation.

Alimony tax treatment, filing status changes, capital gains on home sale, and retirement withdrawal penalties all affect your bottom line.

Health insurance (COBRA or marketplace), auto insurance, life insurance (if required by decree), homeowner's/renter's insurance.

After Divorce

Implementation and rebuilding

Change beneficiaries on life insurance, retirement accounts, bank accounts, and investment accounts.

Failure to update beneficiaries is one of the most common — and costly — post-divorce mistakes.

Revise your will, power of attorney, healthcare directive, and any trusts. Remove your ex-spouse as needed.

Start tracking actual spending against your post-divorce budget. Adjust as you learn your real costs.

If you kept the house, refinance into your name only. Remove your ex from the deed and mortgage.

File the QDRO with the court and each retirement plan administrator. Follow up to confirm the transfer.

Update your W-4 at work for your new filing status. If you receive alimony, consider estimated tax payments.

If you had mostly joint accounts, start building credit in your own name with a secured card or small personal loan.

Review your risk tolerance and goals. Set up automatic contributions to retirement. Consider meeting with a financial advisor.

If married 10+ years, you may be eligible for benefits on your ex-spouse's record. Create an account at ssa.gov to check.

Track that all settlement terms are being followed: support payments, asset transfers, account closures, name changes on titles.