The First Step in Divorce:

Get Organized Before You Make Financial Decisions

If you’re facing separation or divorce, you probably have a long list of questions.

“What happens to the house?”

“Will I have enough to retire?”

“How will our assets be divided?”

Those are important questions, but before anyone can answer them, there is one critical first step: getting organized.

As a Certified Divorce Financial Analyst® (CDFA®), I’ve found that the clients who feel the most confident throughout the divorce process aren’t necessarily the ones with the simplest finances. They’re the ones who take the time to organize their financial information before meeting with their divorce professionals.

Not only does organization reduce stress, but it also helps you make better use of your time with your attorney, financial advisor, CPA, or mediator. When your team has a clear picture of your finances, they can spend less time gathering information and more time helping you make informed decisions.

Think of this process as creating a complete financial snapshot of your household.

Begin by gathering statements and documents for all financial accounts for both you and your spouse, including:

For most asset and debt accounts, I recommend gathering statements for:

For checking accounts and credit cards, collect the last 12 months of statements if possible.

One of the most important goals at the beginning of a divorce is understanding exactly what makes up your financial life.

Many people are surprised to discover accounts they forgot about, insurance policies they haven’t reviewed in years, or retirement benefits they don’t fully understand.

Creating a complete inventory of your assets and debts helps ensure that nothing important is overlooked as your divorce moves forward.

As you’re organizing your records, also make note of property you owned before marriage, inheritances you’ve received, or financial gifts from family members. These assets may be treated differently depending on your state’s laws and your individual circumstances, and your attorney can help determine how they should be classified.

Every. Divorce. Is. Different.

The document list above is designed to help you prepare for your initial meetings and gain a better understanding of your overall financial picture. Depending on your circumstances, your attorney or other members of your divorce team may recommend gathering additional records or expanding the time period covered by your statements.

Don’t worry if you can’t locate every document immediately. The goal isn’t perfection, it’s preparation.

The more organized you are before those first meetings, the more productive they can be.

Divorce is one of the most significant financial transitions most people will ever experience.

Spending a few hours organizing your financial records now can save countless hours later. It can reduce unnecessary delays, make meetings with your professional team more efficient, and give you greater confidence as you begin making important financial decisions.

Everyone deserves to understand their own financial picture. Especially during a major life transition like divorce, getting organized is a great investment.

Need help understanding the financial side of divorce?

As a Certified Divorce Financial Analyst® (CDFA®), I work alongside clients and their attorneys to help them understand the financial implications of divorce and make informed decisions for their future. If you’re considering divorce or are already in the process, I’d be happy to discuss how I may be able to help.

Erica Lyall is dedicated to helping people build confidence and clarity in their financial lives, particularly during times of change. Having experienced divorce herself and seen family members navigate similar challenges, Erica understands the emotional and financial complexities that come with major transitions. Her passion is helping clients find stability, independence, and renewed purpose through sound financial planning.

As both a CERTIFIED FINANCIAL PLANNER™ and a Certified Divorce Financial Analyst™, Erica partners closely with clients and their professional teams, including attorneys and tax professionals, to create comprehensive strategies that align with long-term goals. Her approach blends technical expertise with empathy, helping clients make informed decisions and move forward with confidence.

With more than 20 years of experience in wealth management and philanthropy, Erica has built trusted relationships with individuals and families focused on their legacies and financial well-being. Before joining Strategic Advisory Partners, she served as a Wealth Management Advisor at BB&T (now Truist) and at boutique firms such as Hutchinson Family Offices, where she specialized in supporting women through divorce and beyond.

Erica earned her B.A. in Economics and Spanish from Wake Forest University. She lives in Lewisville with her son, family, and pets, and enjoys volunteering and being active in her community.