1. Build a Strong Support Team of Experts

Seek recommendations from trusted family or friends for professionals who not only have the expertise you need but also complement your personality. This team might include a divorce attorney, estate attorney, financial advisor, accountant, therapist, and other professionals who can help make the transition smoother.

If you’re rebuilding your financial foundation during this transition, start with How to Set Financial Goals and Actually Achieve Them — it helps you regain clarity and direction.

2. Gather Essential Documents:

Over time, you and your spouse have likely accumulated shared documents from various projects and plans. Here’s a list of essential documents you’ll need:

* Bank statements (from all joint accounts)

* Credit card statements

* Bills

* Mortgage statements

* Investment portfolio statements

* Income sources

* Debt and liability documents

* Pension contributions

* Health and life insurance policies

Organizing these essential documents is crucial for maintaining financial clarity and ensuring both you and your spouse are prepared for any future planning. By keeping bank statements, bills, investment portfolios, and insurance policies readily accessible, you can manage your finances more effectively and confidently navigate the complexities of your divorced financial life.

As you reorganize shared expenses or household purchases, save money by using discounted gift cards for essentials — explore deals for Target, Walmart, and Costco.

3. Know Your Net Worth:

Calculate your net worth by subtracting your liabilities (debts) from your assets (what you own). Include properties, cars, investments, and savings on the asset side, and debts like car loans, mortgages, student loans, and credit on the liability side.

If you need help understanding how assets, debts, and credit impact your financial future, read Simple Steps to Improve Your Credit Score and Save Money on Interest.

4. Review Your Retirement Portfolio

Update your retirement accounts and life insurance beneficiaries. Consult HR about your 401(k) or pension. If these were acquired during the marriage, they might be considered community property, and a QDRO could be required for your spouse’s retirement plan.

For a deeper dive into long-term planning after a major life change, check out How to Start Planning for Retirement.

5. Determine Your Monthly Expenses

List your fixed monthly expenses (food, utilities, mortgage, insurance, etc.) and lifestyle costs (vacations, entertainment, clothing, memberships). Subtract these from your income. If your spouse will need financial support for themselves or the children, factor that in.

To protect your cash flow during this adjustment period, pair your budgeting with the guidance in How to Build an Emergency Fund on Any Budget.

6. Create Your New Financial Plan

After deciding how to divide expenses with your spouse, especially if you have children, it’s time to reorganize your finances. Whether you have a financial advisor or not, creating a new economic plan is crucial to maintaining a healthy economy and staying focused during this emotional time.

As you rebuild, adopt supportive habits from Money-Saving Mindset: Cultivating Habits for Long-Term Financial Success. It’s designed to help you regain stability and progress.

And to keep everyday spending manageable during this transition, shop with discounted gift cards — from Best Buy to Home Depot — and stretch your budget when you need it most.