Simple Steps to Protect Yourself
Learning how to protect your finances during divorce can feel overwhelming when you are already dealing with the emotional strain of separation. Money worries often sit alongside concerns about housing, children and day-to-day life. These worries are natural, and you are not alone in feeling this way.
The good news is that there are clear, practical steps you can take to understand your position, protect yourself and plan for a stable future. With the right support, the financial side of your divorce becomes manageable rather than impossible.
Estimated reading time: 10 minutes
Understanding Your Financial Position
The first step is to understand where you stand financially. This can feel uncomfortable, especially if your spouse has always managed the money, but it is essential for any fair financial settlement.¹
Start by gathering what you can find:
- Bank statements for all accounts
- Credit card and loan statements
- Mortgage or tenancy documents
- Pension statements
- Investment account summaries
- Records of savings and other assets
Then make a simple list of:
- What you own, such as your home, vehicles, savings, pensions, valuables
- What you owe, such as mortgages, credit cards, overdrafts, personal loans
This list does not need to be perfect. It is a starting point so that your solicitor can build a clear picture.
If you do not have access to certain documents because your spouse has controlled the finances, our family team can explain how information is usually obtained through the disclosure process and, if needed, through the court.
If your situation involves wider issues such as housing, our pages on divorce and separation and financial matters explain how these areas fit together in practice.
Immediate Steps to Protect Your Finances
Once you have begun to understand your position, there are a few early actions that can offer protection and reassurance.
Open a Personal Bank Account
If all your money has been going through joint accounts, consider opening a bank account in your own name. This helps you:
- Receive your income directly
- Build financial independence
- Keep day-to-day budgeting separate during the divorce process
You do not need to move everything at once. Even a modest emergency fund in your own account can provide peace of mind.
Keep Clear Records
During separation and divorce, try to keep your paperwork organised. Keep a record of:
- Household bills you pay
- Costs relating to children
- Rent or mortgage payments
- Legal fees and professional costs
Good records can help resolve disputes and support your position if questions arise about how money has been used.
Avoid Major Financial Moves Without Advice
It is usually sensible to avoid big financial changes without taking legal advice first, such as:
- Selling or transferring assets
- Making large withdrawals
- Taking on new debt
- Changing the ownership of property or investments
Courts can look closely at sudden changes to finances during a divorce.²
If you are unsure whether something is sensible or allowed, speak to a family law solicitor before you act.
Managing Joint Accounts and Shared Debts
Joint accounts and joint debts can be a source of anxiety during divorce. The aim is to protect yourself while acting fairly and within the law.
- Continue minimum payments on joint debts where possible so that both credit records are protected
- Download or request up-to-date statements for each joint account and loan
- Do not move or withdraw large sums without advice, particularly from joint accounts
- Keep a written note of any agreements you reach with your spouse about how bills will be paid in the short term
In some cases, it may be appropriate to ask the bank to change how a joint account operates or to take steps to prevent one person emptying the account. This needs careful handling. Always discuss this with your solicitor first, as the court will expect you to act reasonably.
For wider guidance on dividing money and property on divorce, see official help from the government and judiciary.¹ ³
Our divorce and separation team can guide you through options for joint accounts, mortgages and interim financial arrangements.
Building Your Independent Financial Future
Protecting your current position is important, but you also need to look ahead. A good financial settlement is one that works both now and in the years to come.
Start Building Your Own Credit History
If all your credit has been shared with your spouse, think about:
- Applying for a small credit card in your name only
- Using it for manageable purchases
- Paying it off in full each month
This can help you build a positive credit history in your own right, which is important for future applications such as mortgages or rental agreements.
Create a Post-Divorce Budget
Try to map out your expected expenses after the divorce, including:
- Rent or mortgage payments
- Council tax and utilities
- Food and household costs
- Transport and car costs
- Childcare, school and activity expenses
- Savings and emergency funds
This budget is not about limiting you. It is about understanding what you need for a reasonable standard of living. It also gives your solicitor vital information when negotiating on your behalf, especially around housing and maintenance.
Tools such as the MoneyHelper divorce and money calculator can help you think about your situation in a structured way.⁴
For more complex financial structures, our financial matters page explains how we approach high net worth and business-related cases.
DIY Divorce vs Professional Legal Support
Some couples consider managing their divorce and finances themselves. In limited circumstances, this can be possible. However, financial issues are often more complex than they first appear.
A DIY approach may work where:
- There are few assets
- Both parties agree on the main points
- There are no pensions or only very simple arrangements
- There are no concerns about financial abuse or pressure
The risks include:
- Missing out on pension rights or long-term claims
- Not understanding how the court would view a proposed agreement
- Agreeing to something that seems fair now but proves unfair later
- Struggling with complex forms and procedures alone³ ⁵
Professional advice can provide:
- Clear explanation of your rights
- Strategic guidance based on experience
- Proper recognition of pensions, homes and business interests⁶
- Support with court documents and negotiations
- Protection if the other party is not acting fairly or transparently
Many people choose a blended approach: taking legal advice on key issues and using that advice to reach an agreement, then asking the court to approve it as a binding financial order.¹
How Waely Law Supports You Through Financial Uncertainty
At Waely Law Solicitors, we understand that financial uncertainty during divorce is not just a numbers problem. It affects where you live, how you care for your children and how you rebuild your life.
Our family law team:
- Takes time to understand your full situation
- Explains your options in clear, straightforward language
- Identifies both obvious and less obvious assets, including pensions and investments
- Helps you plan for both short-term security and long-term stability
- Works closely with you to shape realistic goals for your future
If there are children involved, we will also guide you on child arrangements and child maintenance, and how this links with your financial settlement. You can read more on our children’s matters page.
We are open about fees and will explain costs from the outset so you can make informed choices about the level of support that is right for you.
Planning for Long-Term Financial Security
A good financial outcome is not only about dividing what you have today. It is about securing your future.
Your solicitor may discuss:
- Pension sharing orders and how they affect retirement income² ⁴ ⁶
- Whether you can realistically afford to stay in the family home
- How any ongoing maintenance payments might work
- The impact of downsizing or relocating
- Updating your will and life insurance after the divorce
You may find it helpful to read official and independent guides on how finances are approached on divorce, including the Family Justice Council and MoneyHelper’s resources.¹ ⁴
Thinking ahead in this way helps reduce anxiety and allows you to focus on rebuilding your life with confidence.
Moving Forward With Confidence
Financial uncertainty during divorce is challenging, but it does not need to define your future. With the right support, you can:
- Understand what you have and what you may be entitled to
- Protect yourself in the short term
- Negotiate a fair, realistic settlement
- Put a long-term plan in place for yourself and your children
Seeking proper legal advice is a practical step, not a sign of failure. It is often the key to avoiding mistakes that could affect your stability for years to come.
You do not have to face this alone. Our family law team at Waely Law Solicitors is here to guide you with clear advice, calm support and firm protection of your financial interests at every stage.
Contact Waely Law Solicitors for a confidential consultation with our family law team. We will listen to your situation, explain your options and help you take the next step with confidence.
FAQs:
1. What are the first financial steps I should take when I decide to divorce?
Start by gathering your financial documents, such as bank statements, mortgage details, pension statements and loan agreements. Make a simple list of your assets and debts, then speak to a family law solicitor to understand your rights and options. Avoid making major financial changes until you have taken advice.
2. Do I have to tell my spouse everything about my finances?
In most cases, both parties are expected to provide full and honest financial disclosure. This includes all assets, pensions, debts and income. Without full disclosure, it is difficult to reach a fair settlement, and the court can set aside agreements that were based on incomplete or misleading information.
3. Can my spouse empty our joint account during divorce?
If one person empties a joint account without agreement, it may be criticised by the court and taken into account when dividing assets. If you are concerned this might happen, speak to a solicitor immediately. They can advise on sensible, lawful steps to protect your position without making matters worse.
4. What happens to the family home in a divorce?
The family home is often a central issue. Options can include selling and dividing the proceeds, one person buying out the other’s share, or one spouse staying for a period, especially where children are involved. The right approach depends on your circumstances, needs and resources, and is often linked closely to your wider financial settlement.
5. Are pensions always shared in a divorce?
Pensions are an important part of many financial settlements, but they are not always shared in the same way. Options can include pension sharing orders, pension attachment orders or offsetting, where pension rights are balanced against other assets. Getting specialist legal and, where appropriate, financial advice is very important before agreeing anything.
6. Should I stop paying joint debts once we separate?
If your name is on a loan, credit card or mortgage, the lender can normally still pursue you for payment, regardless of what you and your spouse have agreed between yourselves. Stopping payments can damage your credit record. Speak to a solicitor before changing how you deal with joint debts so that any steps are planned and documented properly.
7. Is a DIY divorce safe if our finances are simple?
A DIY approach may work where there are no children, no property and very limited assets. However, even seemingly simple cases can involve hidden issues such as pension rights or future maintenance. Taking at least some legal advice can help you avoid agreeing to something you later regret.
8. How can Waely Law help me if I am worried about money and my spouse is controlling?
If you are facing financial control or abuse, our team will listen carefully and help you plan safe, practical steps. This may involve urgent steps to protect your housing position, advice on interim financial support and, in some cases, protective orders linked with domestic abuse. We handle these situations sensitively and with a strong focus on your safety.
References
- Money and property when you divorce or separate, GOV.UK
https://www.gov.uk/money-property-when-relationship-ends GOV.UK - Money and property when you divorce or separate – Get the court to decide, GOV.UK
https://www.gov.uk/money-property-when-relationship-ends/get-court-to-decide GOV.UK - D190: I want to apply for a financial order, HM Courts & Tribunals Service
https://assets.publishing.service.gov.uk/media/5b2a4e37e5274a190c1b70c1/d190-eng.pdf GOV.UK - Divorce and separation – MoneyHelper (including Divorce and money calculator)
https://www.moneyhelper.org.uk/en/family-and-care/divorce-and-separation MaPS+2MaPS+2 - How to apply for a financial order without a lawyer, Advice Now
https://www.advicenow.org.uk/get-help/family-and-children/divorce-and-separation/apply-financial-order-without-lawyer advicenow.org.uk - Financial remedies on divorce, Law Commission
https://www.lawcom.gov.uk/project/financial-remedies-on-divorce/ civilservicepensionscheme.org.uk+3lawcom.gov.uk+3Courts and Tribunals Judiciary+3
