Nothing has been decided. No papers have been filed. But the thought of divorce has crossed your mind—and with it come questions about what that could mean financially.
You might be wondering whether living on one income would be manageable, what could change financially for your kids, or what your monthly expenses would look like on your own.
You don’t need to have all the answers right now. Even getting a clearer sense of where you are financially can help you think more clearly during an uncertain time.
Take a Pre-Divorce Inventory of Assets and Debts
If you’re thinking about divorce, one of the most helpful starting points is simply getting a general sense of what you own and what you owe.
In many marriages, money responsibilities evolve over time. One person may handle day-to-day banking. The other may oversee investments or retirement accounts. Over the years, accounts get opened, closed, rolled over, or forgotten.
You might start by identifying:
- Bank accounts (checking and savings)
- Investment accounts
- Retirement accounts
- Credit cards
- Student loans, car loans, or personal loans
- Mortgages or home equity loans
You don’t need exact balances yet. Even knowing what accounts exist—and whether they’re individual or shared—can help you be more informed.
📌 Learn more about our Divorce Financial Planning for Women services
Understand Your Current Monthly Expenses
Before you start thinking about how you might afford things in the future, it helps to understand what your life costs you today.
Many women have never sat down and listed just their own monthly expenses, especially if their finances have always been shared.
You might look at:
- Housing and utilities
- Groceries and household spending
- Insurance premiums
- Child-related costs (activities, childcare, tuition)
- Transportation
- Subscriptions and recurring bills
Doing this can help answer a very basic—but important—question: What does it cost to maintain my current lifestyle?
📌 Read our blog - Women & Wealth: Budgeting After Divorce Without Feeling Deprived
Organize Key Financial Documents
When finances are shared, important paperwork often ends up scattered—some online, some in drawers, some tied to a spouse’s email or login.
This might include:
- Pay stubs or income summaries
- Recent tax returns
- Bank and investment statements
- Mortgage or loan documents
- Insurance policies (health, life, auto, home)
Taking the time to organize key financial documents is a good practice in general, and it puts everything in one place if you need it later.
📌 Read our blog - Women & Wealth: Divorce and Your Digital Accounts
Review Household Income and Benefits
Income is more than a paycheck. In many households, benefits—especially health insurance and retirement plans—play just as big a role in day-to-day finances.
If divorce has crossed your mind, it can be helpful to understand:
- Job income for you and your spouse
- Health insurance coverage
- Retirement plans or employer contributions
- Bonuses, commissions, or incentive pay
Understanding what supports your household today can help you avoid surprises later.
📌 Read our blog - Women & Wealth: Dividing Retirement Accounts in a Divorce
Understanding the Financial Side of a Possible Divorce
Thinking about divorce doesn’t mean you’ve made a decision. But it probably means you have some questions—and you’re trying to make sense of what this could mean for your life and your money. Getting a clearer understanding of your finances—what you have, what life costs today, and how income and benefits fit together—can be a useful exercise regardless of what you decide.
If you’d like help understanding your finances, talking through possible changes, or thinking ahead, schedule a complimentary introductory meeting with us in Glastonbury or Wilton, Connecticut.
Kelsey Conklin is a CERTIFIED FINANCIAL PLANNER® professional who helps individuals and families plan for their financial future. Based in Glastonbury and Wilton, CT, she also specializes in financial planning for women, guiding her clients through divorce, widowhood, career transitions, caregiving responsibilities, retirement planning, investing, and managing longevity risks. As a female financial advisor, Kelsey is passionate about financial empowerment for women and provides personalized financial strategies designed to help women take control of their wealth with confidence and clarity. Whether you’re navigating major life changes or planning for retirement, she is committed to providing guidance tailored to your unique goals. Schedule a complimentary Women and Wealth introductory meeting with Kelsey and start building a financial plan designed for you.
This information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete, it is not a statement of all available data necessary for making an investment decision and it does not constitute a recommendation.
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. Prior to making an investment decision, please consult with your financial advisor about your individual situation. Any opinions are those of the author, and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice.