Spring is the perfect season for a fresh start—and that includes your finances. If you’re preparing for a divorce, taking time now to get your financial life in order can make the process smoother, and can better prepare you for life after divorce. From organizing documents to creating a realistic budget, spring cleaning your finances helps you move forward with more clarity and control.
1. Gather and Organize Your Financial Documents
The first step in cleaning up your finances is gathering all your important financial records. Think of it like dusting out your filing cabinet—only this time, you’re also making copies for your legal team.
Be sure to collect:
- Recent pay stubs
- Tax returns (last 3–5 years)
- Mortgage statements and property deeds
- Credit card and loan statements
- Bank and investment account records
- Retirement account summaries
- Insurance policies (life, health, auto, home)
- Any business-related finances or assets
The more organized your finances are from the beginning, the easier it will be for your attorney to advocate for you during your divorce.
2. Understand Your Financial Picture
Before you move forward with your divorce in Colorado, you need to have a full understanding of your finances. That includes knowing exactly what you own, what you owe, what you earn, and what you spend.
Take the time to:
- List all assets and liabilities
- Track monthly expenses
- Note shared and separate accounts
- Identify any hidden or complex finances, like stock options or business interests
This big-picture view of your finances is key, especially when negotiating spousal support, child support, and the division of assets.
3. Separate Joint Accounts
If you and your spouse are amicable, you may agree to start separating finances gradually. This can help reduce tension and provide clarity on what funds are available to whom.
Some steps to take:
- Open individual checking and savings accounts
- Start using separate credit cards
- Redirect your paycheck into your own account
- Keep records of all financial moves
In more contentious cases, these changes may need to happen after court involvement. It’s important to always talk to your attorney before making any major shifts in your finances.
4. Review Your Credit Report
During a divorce, one spouse’s financial habits can affect the other’s credit score—especially if you’ve shared debt or accounts. That’s why reviewing your credit report is a key part of cleaning up your finances.
Review your credit report carefully and look for:
- Joint accounts that are still active or accumulating debt
- Any missed or late payments that could impact your credit score
- Debts that may have been incurred by your spouse but are tied to your name
- Errors, suspicious activity, or signs of potential fraud
Getting a handle on your credit now puts you in a better position for post-separation financial decisions—from loans to living arrangements.
5. Create a New Budget
Your life—and your finances—are about to change. Creating a post-divorce budget now helps you plan ahead for a smoother transition.
Think through your:
- Expected income after your separation
- Housing and living expenses
- Insurance premiums
- Child support or alimony (if applicable)
- Emergency savings and long-term goals
This budget becomes your roadmap. It helps you set expectations, avoid surprises, and feel more in control of your finances during and after your divorce.
6. Protect Your Financial Future
As you prepare for divorce in Colorado, it’s also time to think about protecting yourself and your finances in the long run.
Here are some smart steps:
- Change passwords on financial accounts
- Remove your spouse as an authorized user on credit cards
- Consider freezing joint credit cards to prevent future charges
- Work with your attorney to request a temporary financial restraining order if needed
These actions help preserve your finances while legal proceedings are ongoing. They also help reduce the risk of financial misconduct.
7. Revisit Wills, Beneficiaries, and Powers of Attorney
Your divorce won’t automatically update your estate plan. If your spouse is listed as a beneficiary, executor, or healthcare proxy, those designations may remain in effect until you change them.
Use this time to:
- Update your will
- Review life insurance and retirement account beneficiaries
- Appoint new powers of attorney
- Rework your estate plan to reflect your new financial priorities
These steps are often overlooked during divorce in Colorado, but they’re key to ensuring you are protected no matter what happens.
8. Work With the Right Divorce Attorney
Finally, one of the most important steps you can take to protect your finances is hiring the right divorce attorney. At Colorado Legal Group, our team knows how to help you navigate the financial side of your divorce with strategy and care. With offices in Denver, Grand Junction, and Colorado Springs, we’re here to support individuals and families across the state.
We help you:
- Identify and value marital and separate property
- Negotiate favorable settlements
- Protect your income, assets, and financial future
- Avoid common financial pitfalls during the process
With the right support, you don’t have to go through this alone—and you can emerge from your divorce with greater clarity, security, and financial peace of mind.
Contact us today to schedule your free case evaluation and take the first step toward a fresh start.