Tax, investments and pension rules can change over time so the information below may not be current. This article was correct at the time of publishing.

7 financial steps to take if you are getting divorced

Divorce can take both an emotional and financial toll. Often people are distracted by making immediate decisions regarding where to live and childcare that they do not take enough time to consider the financial implications of a divorce.

Below are some steps that our financial advisers recommend you take if you are getting divorced.

Try to speak to each other

It will save you both a lot of money in legal fees if you remain amicable and talk about your situation together and how you both want it to work rather than going through lawyers for all communication.

Understand the value of your assets

Couples often offset assets during divorce proceedings but is it important to understand the value of what you are giving up and what it might cost you if you wish to replace it.

Don’t forget your pensions

A pension is often one of the largest assets built up during a marriage but is only in one person’s name. You need to decide how best to split your pension assets between you.

Build up your short term savings

Divorce is likely to erode any emergency cash reserves that you have built up. It is important to replace this as soon as possible. Our financial advisers recommend having 3-6 months of expenses in cash for emergencies, for example if you lost your job. You could save this into an easy access bank account or Cash ISA*.

Review your protection policies

Divorce is a big change to your circumstances and any cover you have in place may no longer be suitable for you. You may now want to consider income protection as you can no longer rely on your partner for income if yours were to stop. Similarly, critical illness cover may be something you need. You should also review your life insurance as you may need to amend it, for example to cover any child maintenance fees you are now liable to pay.

Find out more about protection

Get a new Will

When you get divorced, you Will is no longer valid. You should try to make a new Will as soon as possible to make sure your assets are passed on how you wish.

Find out more about making a Will**

Take financial advice

If you are getting divorced and want some advice on splitting your finances, sharing your pension or taking out new protection policies get in touch. Phone us on 0117 973 0500 or send us a message to book a no-obligation meeting with a financial adviser to see if we can help.


The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

*Cash ISAs are not available through St. James’s Place

**Will writing involves the referral to a service that is separate and distinct to those offered by St. James’s Place. Wills are not regulated by the Financial Conduct Authority.

Enquire Now

If you have any queries or would like to arrange a face to face meeting with an adviser for a no obligation review of your personal finances, simply book a call back using the form below. Alternatively, you can call us on 0117 973 0500.

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7 financial steps to take if you are getting divorced
FourWealth Management