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How to Financially Prepare for Divorce as a Woman


Nothing about divorce is easy, including the financial aspects. Divorce can be expensive and stressful, so it is important to prepare for the financial repercussions before you begin the process.

The painful truth is that whether you earn a high income or are a stay-at-home spouse, you will have to deal with the financial repercussions of the divorce. In fact, research shows that women tend to suffer more financially than men in divorce settlements.

Therefore, taking stock of your financial situation before you even initiate the divorce process is important.

This blog post will walk you through the steps of creating a realistic budget, setting financial goals, and gathering the necessary documents. Read on to learn more.

Step 1: Create a Realistic Budget

The first step in financially preparing for divorce is to create a realistic budget. You’ll want to track your income, expenses, and any debts or loans you may have. This will help you determine how much money you need each month to cover the essentials.

When creating your budget, include any additional expenses you are likely to incur during the divorce process. These can include legal fees, relocation costs, or child support payments.

Keep in mind that the budget you create will be the baseline for your post-divorce expenses, so it’s important to make sure your account for all of your needs.

Step 2: Set Financial Goals

Once you have a clear understanding of your financial situation, it is important to set goals for yourself. You’ll want to consider what kind of lifestyle you want to have post-divorce, and how much money you need to make that happen.

In addition to setting short-term goals for yourself, it is also a good idea to think about your long-term plans. Consider retirement savings, college funds for any children, and other future financial needs.

Step 3: Gather the Necessary Documents

You will need to gather important financial documents to get the most out of the divorce settlement. Generally speaking, these include tax returns, bank statements, investment accounts, and other documents showing your assets.

You will also want to collect any paperwork related to loans or debts that you and your spouse may have. This includes credit card statements, mortgage documents, car loans, and other financial obligations.

Gathering these documents ahead of time ensures that the settlement is fair and equitable for both parties.

Step 4: Determine Your Legal Fees

Typically, the process of finalizing your divorce can lead to steep legal fees. It’s important to know the costs associated with a divorce and plan accordingly.

Therefore, it is important to sit down with your divorce attorney and have a candid conversation about the fees associated with your case.

You should also consider whether or not you need to hire additional experts such as financial advisors, accountants, or mediators.

If you cannot afford an attorney, there are free or low-cost legal services available in many states. Alternatively, you may want to consider mediating your divorce, which can significantly reduce the cost of the process.

Step 5: Consider Alternatives

Divorce is an emotional and challenging process. While it may seem like the only option, there are alternatives that you should consider before proceeding with a divorce.

For example, counseling can help couples work out their differences positively without going through a costly and lengthy divorce process.

Furthermore, mediation or arbitration can help couples reach an agreement without going to court.

Step 6: Open New Bank Accounts

If you have joint bank accounts with your spouse, it is important to open new accounts in your name. This will allow you to manage your finances independently and protect your money during divorce proceedings.

Furthermore, if you plan on relocating after the divorce is finalized, you’ll want to establish a separate bank account at a local financial institution to start building a credit history in your new location.

Step 7: Create an Emergency Fund

Even after the divorce is finalized, it is important to have money set aside for unexpected expenses.

This could come in the form of legal fees or medical bills, and having some extra cash handy will help you get through any unforeseen financial difficulties.

Creating an emergency fund will also help ease the transition from a shared financial life to one where you are solely responsible for your expenses.

Step 8: Change Your Will

As you undergo this dramatic life transition, it is important to change your will and ensure that any assets you own are distributed according to your wishes.

You may also want to update your life insurance policy beneficiaries so that they accurately reflect the terms of your divorce settlement.

By taking these steps, you can ensure that everything runs smoothly and that any assets are distributed according to your wishes once you pass away.

Step 9: Seek Professional Help

The process of getting divorced can be complicated and emotionally challenging. It is important to get the help of a qualified lawyer, financial advisors, or therapist if needed.

An experienced professional can provide valuable legal advice and guidance for navigating the complexities of a divorce. They can also help you make informed decisions throughout the process and offer emotional support during this difficult time.


Divorce is never easy, and the financial aspects can be particularly daunting. However, by taking a few proactive steps toward financial preparedness, you can ensure that your divorce settlement is fair and equitable.

Make sure to create a realistic budget, set long-term financial goals, gather necessary documents, and understand the legal fees associated with the process.

It is also important to consider alternatives such as counseling or mediation before proceeding with a divorce.

By taking these steps, you can ensure that your financial future is secure and that both parties are taken care of after the divorce is finalized.