Divorce Financial Checklist: Your Complete Preparation Guide

Financial Education • By Leanne Ozaine, CFP® • Updated 2025

Phase 1: Initial Financial Organization

Income Documentation

Gather pay stubs: Collect the last 3-6 months of pay stubs for both you and your spouse

Collect tax returns: Get copies of the last 3 years of federal and state tax returns

Obtain W2s and 1099s: Gather all income documentation from recent years

Business financial statements: If either spouse is self-employed, collect business financials, profit/loss statements, and balance sheets

Asset Documentation

Bank statements: Get 3-6 months of statements from all checking and savings accounts

Investment accounts: Collect statements from all retirement accounts (401k, IRA, pension) and brokerage accounts

Real estate documents: Gather property deeds, mortgage statements, and recent appraisals or tax assessments

Vehicle documentation: Collect titles, registration, loan documents, and current values (KBB, NADA)

Life insurance policies: Get policy documents and cash value statements

Liability Documentation

Credit card statements: Collect recent statements from all credit cards (joint and individual)

Loan documents: Gather documentation for student loans, personal loans, and car loans

Mortgage and HELOC: Get statements showing current balances and payment history

Phase 2: Understanding Your Financial Picture

Calculate total household income: Add up all sources of income for both spouses

Calculate net worth: Total assets minus total liabilities

Track monthly expenses: Document 3-6 months of actual spending in all categories

Identify separate vs. marital property: Understand what was owned before marriage or received as gifts/inheritance

Phase 3: Protecting Your Financial Future

Pull credit reports: Check for unknown accounts or debts at AnnualCreditReport.com

Open individual accounts: Establish checking account and credit card in your name only

Secure important documents: Store copies in safe deposit box or with trusted friend/family

Update passwords: Change passwords on financial accounts, email, and important online services

Phase 4: Planning for Post-Divorce Life

Create post-divorce budget: Estimate your expenses on a single income

Evaluate housing options: Can you afford to keep the house? What are alternatives?

Research health insurance: If on spouse's plan, explore COBRA, marketplace, or employer options

Calculate childcare costs: Factor in daycare, after-school care, and child support

Phase 5: Professional Guidance

Consult divorce attorney: Get legal guidance specific to your state and situation

Work with divorce financial specialist: Get help organizing finances and understanding settlement options

Consult tax professional: Understand tax implications of different settlement scenarios

Get the Complete Financial Organization System

This checklist is just the beginning. The Fearless Divorce Guide provides fillable worksheets, detailed instructions, and step-by-step video tutorials to help you organize every aspect of your divorce finances.

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How to Use This Checklist Effectively

Start early: Don't wait until you file to start organizing

Work systematically: Complete one section before moving to the next

Keep everything organized: Use folders (physical or digital) for each category

Update regularly: Financial situations change—keep your information current

Share with professionals: This organization will make working with your attorney and financial advisor much more efficient (and less expensive)

Remember: The person with the most clarity and preparation wins in divorce. Not the person with the most expensive lawyer. The person who shows up organized and knows their numbers.

About the Author: Leanne Ozaine is a Certified Financial Planner (CFP®) and Divorce Financial Specialist. She provides financial education and coaching services, not legal advice. Always consult with a qualified attorney for legal guidance specific to your divorce situation.

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