5 Financial Steps to Take After Separation
Separation is not just an emotional process—it’s also a financial one. Many newly single individuals find themselves struggling to adjust to a new financial reality. Taking control of your finances early can help you avoid stress down the road. Here are five key steps to set yourself up for financial success after separation.
1. Gather All Your Financial Information
Your first step is to get clarity on your financial picture. Courts require full financial disclosure, and you’ll need this information to make informed decisions.
Documents to collect:
✔ Bank statements (past 6 months)
✔ Credit card balances
✔ Mortgage/rent details
✔ Loan and debt summaries
✔ Retirement savings (RRSP, TFSA, pensions)
2. Update Your Budget
Your income and expenses may have changed dramatically post-separation. A fresh budget helps you plan for the future.
Steps to take:
✔ List new expenses (child support, legal fees, housing changes)
✔ Identify areas to cut costs
✔ Consider working with a financial coach to create a sustainable plan
3. Close or Update Joint Accounts
Shared finances can cause problems if they aren’t handled early. Protect yourself by closing or updating joint accounts.
What to do:
Close joint credit cards & lines of credit if possible
Remove your ex as an authorized user on accounts
Set up direct deposit for any child/spousal support payments
4. Check Your Credit & Protect Your Assets
Your credit score may be affected by the split, so monitor it closely.
Steps to take:
✔ Get a free credit report (Equifax or TransUnion)
✔ Dispute any errors or suspicious activity
✔ Avoid co-signing new debts with your ex
5. Plan for the Future
Now is the time to take control of your financial future.
✔ Update your will & beneficiaries (insurance, pensions)
✔ Start an emergency fund (3–6 months of expenses)
✔ Consider professional financial coaching to rebuild stability
Final Thoughts:
Adjusting financially after separation isn’t easy, but taking small steps now can prevent bigger issues later. If you need help creating a solid financial plan, I offer personalized financial coaching for newly single individuals.
📌 Want more tips on what to do financially following a separation? Download my free guide here.