5 Important Steps to Take to Prepare for Divorce Financially

Divorce is not just an emotional journey—it's a financial one as well. Failing to prepare financially can have long-lasting consequences, especially if you're dealing with significant assets, property, or long-term commitments. At Optimal Divorce Solutions, I guide clients through the entire divorce process, helping them plan strategically for the road ahead. Here are five critical financial steps you should take before filing for divorce to secure your future.

Step 1: Get Clear on Your Financial Picture

Gather and Organize All Financial Documents

Before making any decisions, start by collecting your financial records. This includes:

• Recent tax returns (at least 3 years)

• Pay stubs or income statements

• Bank statements (checking, savings, CDs)

• Credit card statements

• Investment accounts (brokerage, retirement, pensions)

• Real estate documents (mortgages, deeds, appraisals)

• Business ownership documents (if applicable)
  

Understanding your full financial landscape empowers you to negotiate from a place of clarity, not confusion.

Know What You Own—and What You Owe

Make a list of all assets and liabilities, both marital and separate. This includes your home, vehicles, savings, investments, debt, and any loans. I often help clients create an organized net worth statement that simplifies this process.

Click HERE to schedule a Financial Analysis Consultation with me.

Step 2: Establish a Divorce-Ready Budget

Project Post-Divorce Living Expenses

Many clients underestimate how divorce will impact their standard of living. Start tracking your current spending and project what your future expenses may look like once you're living separately. Consider:

• Housing (rent or mortgage)

• Utilities and insurance

• Groceries and household needs

• Transportation

• Health insurance and out-of-pocket costs

• Childcare and child-related expenses
  

Using budgeting tools or working with a Certified Divorce Financial Analyst (CDFA®) like me can help you develop a sustainable post-divorce budget.

Don’t Forget One-Time and Transition Costs

Include costs like moving, setting up a new household, legal or mediation fees, and initial counseling or coaching support.

Step 3: Protect Your Credit and Monitor Accounts

Run a Full Credit Report

Before your divorce progresses, pull your credit report from all three bureaus (Equifax, Experian, and TransUnion). You can request a free copy annually from AnnualCreditReport.com.

Separate Finances Strategically

If possible, begin separating joint accounts and establishing your own financial identity. Open new checking and savings accounts in your name only, and start routing income to these accounts.

Also, monitor your credit and account activity closely for any suspicious withdrawals, purchases, or balance transfers.

Step 4: Evaluate Real Estate and Housing Options

As a Certified Divorce Real Estate Expert (CDRE) and Licensed Real Estate Broker in New Hampshire and Maine, I offer clients unique insight into how real estate decisions impact the divorce process.

Know the True Value of Your Home

Don’t rely solely on online estimates. I recommend getting a professional Comparative Market Analysis (CMA) or appraisal to determine your home’s actual market value. This is crucial for equitable distribution.

Understand Mortgage Obligations and Refinance Options

If one party wishes to stay in the home, they may need to refinance. I help clients explore what’s realistic, especially when one spouse is self-employed or has limited income.

Consider Emotional vs. Financial Value

Staying in the marital home may feel like security, but in many cases, it’s more financially prudent to sell and divide the proceeds. I guide clients through those decisions with both logic and empathy.

Click HERE to schedule a Divorce Real Estate Consultation with me.

Step 5: Consult the Right Divorce Professionals

Don’t Go It Alone

Divorce is a complex financial and legal event. Building a support team early on can save you time, stress, and money. This may include:

• A Certified Divorce Financial Analyst (CDFA®) to guide your financial planning

• A Divorce Coach to help manage emotional and logistical decisions

• A Divorce Mediator to facilitate amicable negotiations

• An attorney for legal review or representation (if needed)
  

At Optimal Divorce Solutions, I offer all of these services and coordinate closely with other professionals to ensure you’re protected every step of the way.

Look for Specialists in High-Net-Worth or Gray Divorce

If you're part of a long-term marriage or have complex assets, work with professionals who understand the nuances. Gray divorce cases often involve pensions, retirement distributions, healthcare planning, and spousal support negotiations.

Click HERE to schedule a Divorce Strategy Consultation to Build Your Divorce Team with me.

Key Takeaways:

• Start early by organizing financial documents and understanding your assets and debts.
  

• Build a realistic budget based on future living expenses and transitional costs.
  

• Protect your credit, monitor accounts, and establish financial independence.
  

• Evaluate your housing options with both emotional and financial clarity.
  

• Consult the right professionals—especially those who specialize in high-net-worth or gray divorce.
  

Taking these steps now gives you control, clarity, and confidence as you move through divorce. If you need support creating a personalized divorce financial plan, housing strategy, or guidance on assembling the right team—I’m here to help.

Schedule your free 30-minute consultation today and let’s talk about how to move forward with intention.

Lisa McNally Certified Divorce Coach | Certified Divorce Mediator Certified Divorce Financial Analyst CDFA®) | Certified Divorce Real Estate Expert (CDRE) Licensed Real Estate Broker (NH & ME) Founder, Optimal Divorce Solutions www.OptimalDivorceSolutions.comSchedule a Free Consultation