How to prepare financially for divorce before you apply

When preparing financially for divorce, it’s important to understand what you have, gather copies of key financial documents and make sure you have enough money set aside to cover your immediate needs.

At amicable, we help couples reach fair financial agreements – and being financially prepared before you apply for divorce makes that process simpler and less stressful for both of you.

Preparing financially for divorce can feel overwhelming, especially when you're already dealing with the emotional weight of a separation. But getting your finances in order before you apply doesn't have to be complicated – it's mostly about knowing what you have, gathering the right documents and making sure you're protected in the short term.

This guide walks you through what you should do financially before you apply for divorce.

How to prepare financially for divorce

Understand what you have

The first thing you need to do to prepare for divorce is to understand exactly what you have in terms of finances.

How much is in your savings account? How much can you save each month? What debts do you have?

When you’re reviewing your finances, make copies of everything so you have records and store them somewhere safe. You don’t need these documents to start your divorce, but you will when it comes to making your financial disclosure to get a consent order.

Some key documents to gather:

• Last three years of tax returns, if applicable
• Bank statements for all accounts for the last 12 months
• Credit card statements
• Mortgage statements and property deeds
• Pension statements
• Investment account statements
• Business accounts if either of you owns a business
• Loan agreements
• Insurance policies
• Payslips for the last 12 months and your last P60

This gives you a clear snapshot of your financial situation. You'll need this information later on for financial disclosure, so gathering it now saves time and stress.

Get valuations

Next, it’s really helpful to get valuations on your major assets so you know exactly how much they’re worth.

This typically includes:

• Your property – get an up-to-date estate agent valuation or a formal RICS survey
• Pensions – request a Cash Equivalent Transfer Value (CETV) from your pension provider
• Investments and business interests – if relevant, a professional valuation may be needed
• Valuable items worth over £500, for example art work, jewellery or antiques

Having accurate valuations now avoids delays later and means negotiations can start from a shared understanding of what's on the table.

Make sure you have enough money to cover your immediate needs

Work out exactly how much money comes in and goes out each month.

Income:

• Your salary after tax
• Any benefits you receive
• Any other income (rental income, dividends, etc.)

Expenditures:

• Go through bank statements and credit card statements
• Note what you spend on essentials: mortgage or rent, utilities, food, transport, child-related costs
• Note what you spend on non-essentials
• Work out your total monthly expenditure

Understanding this now helps you work out what you'll need to live on as a single person. It also helps you prepare a realistic budget for negotiations later.

If you don't already have money saved in your own name, start building an emergency fund now, if you can. Aim for at least three months of living expenses, ideally more. Put aside what you can each month – even small amounts add up.

Open an individual bank or savings account if you don't have one. Once you separate, you'll want your salary and any benefits to be paid into your own account.

Financial independence matters during separation. Having your own account set up in advance gives you a cushion and means you're not reliant on a shared account at a potentially difficult time. You don't need to move all your money immediately – just have it ready. You'll disclose this account as part of your financial disclosure later, so there's no question of hiding anything.

Check your credit report

Get your free credit report from Experian, Equifax or TransUnion. Checkmyfile can help you understand your credit score and improve it if you need to.

This shows you:

• All credit accounts in your name
• Joint credit accounts with your ex-partner
• Any debts you might not know about
• Your credit score

If there are joint credit accounts you don't use, consider closing them. If your ex-partner runs up debt on a joint credit card after you've separated, you're both liable for it.

Make a note of everything on your credit report so you can include it in your financial disclosure later.

Secure important documents

Gather important documents and keep them somewhere safe:

• Your passport
• Birth certificates for you and children
• Marriage certificate
• Children's medical records
• National Insurance documents
• Driving licence

Don't make major financial changes

While you're preparing, don't make big financial decisions or sudden changes without thinking through the implications.

Things to avoid if you can:

• Quitting your job
• Starting a new business
• Making large purchases
• Transferring money to family members
• Closing joint accounts without telling your ex-partner
• Taking on new debt

These actions might affect your financial settlement. Keep your financial situation stable until you're ready to start your divorce.

Don't hide assets

Lastly: don’t try to hide any money or other assets.

When you do apply for a consent order within your divorce proceedings, you'll have a legal duty to disclose all your assets: your income, your savings and any debts. Some people are tempted to try to hide their savings or investments when they get divorced, but this is a bad idea. There are thorough checks carried out to ensure that absolutely everything is disclosed and on the table.

Once you've done this financial preparation, you'll be in a much stronger position to begin your divorce. You'll understand what you have, with copies of important documents. You'll also have some financial security.

We can guide you through what comes next. Book a free 15-minute consultation when you're ready to take the next step.

Read more about marital assets in divorce, or learn some practical money tips for life after divorce.

FAQs on preparing financially for divorce

What financial documents do I need for divorce?

You don’t need any documents to get started with your divorce, but you will need them later on in the process, so it’s good to get them ready early on.

You'll need bank statements, pension statements, mortgage documents, payslips, tax returns and credit card statements for at least the last 12 months. Gathering these early means you're ready for the financial disclosure stage of your divorce.

Do I have to tell my ex-partner everything about my finances?

Yes. When you apply for a consent order, both people have a legal duty to fully disclose their financial situation. This is called financial disclosure. Failing to do so can have serious legal consequences.

Can I open a bank account before I apply for divorce?

Yes. Having your own bank account is a sensible step towards financial independence. You'll declare it as part of your financial disclosure, so there's nothing to hide – it's simply good preparation.

What is financial disclosure in divorce?

Financial disclosure is the process where both people share full details of their financial situation – income, savings, debts, pensions and property. It's a legal requirement in England and Wales and forms the basis of any financial agreement.