Divorce, separation and personal finance

Going through a separation or divorce can be distressing and we appreciate you may not know where to start. So, to help you take those first steps into looking at your finances, we’ve put together some tips that may make things a little easier.

Documentation and statements

Pull together all documentation and statements for your individual and joint accounts and household spending. For example:

• Mortgage
• Utilities (gas, electric, water, rates/council tax, etc)
• Bank account(s)
• Loan(s)
• Investment(s) and savings
• Insurance (house, contents, motor, pet, phone, etc)
• Life assurance and health and/or income protection
• Credit agreements (store card, credit card, hire purchase, etc)
• Club memberships

You may be asked to provide copies of documents and statements as part of the divorce proceedings.

Make sure you review everything so you have an accurate picture of where you are with your money.

Make a list of all your income and outgoings to create a new household budget once the divorce has been finalised.

Update your will

If you’d like to leave your money or assets to someone else, you’ll need to update your will. If you’re not sure what to do, speak to your local Citizens Advice for free and independent advice.

Separate your joint account

If you have any joint accounts, contact your financial services providers right away to explain your position. They can give you useful information about how to manage or protect any account balances. They’ll be able to tell you how to make sure all essential bills are paid by direct debit or standing order.

Update your life insurance and life assurance

Contact your insurance and life assurance provider(s) to tell them about your change in circumstances. They'll be able to give you useful information about how your policies can be managed or cancelled.

Consider your assets

Dividing your property and financial assets can be difficult. The law is different for married couples and couples who live together. Even if you can easily agree how to share things out, it’s a good idea to get an experienced solicitor to help you.

If you can’t agree, mediators or solicitors might be able to help or you might need to make an application to the court for a decision on what it considers to be a fair outcome.