Money Matters: What happens to your finances during divorce and where to begin?

Navigating divorce or separation can feel overwhelming — emotionally, legally, and financially. Clients contact us for advice during this difficult time, as they’re uncertain over what they need to consider, or how to plan for a future that suddenly looks very different.

Castlefield adviser Pooja Shah shares guidance around some of the most common questions she faces from clients going through a breakup, along with offering practical steps to help move forward with confidence.

Q: What do I need to bring to the first meeting?

A: The more complete your information, the clearer the picture is and the better an adviser can help you. So I’d say to bring as much financial documentation as possible: tax returns (for the last 2–3 years), recent bank and investment account statements, mortgage documents, retirement account statements, debts (credit cards, loans etc.), and a list of monthly expenses.

Q: How do we as a couple divide assets fairly?

A: Fair doesn’t always mean equal. Our role as financial advisers is to help assess the value of each asset—accounting for things like taxes, growth potential, and liquidity. Our goal is to help you understand the long-term impact of your choices.

Q: What happens to our house?

A: It depends on your overall financial picture. We can help you evaluate whether keeping the home is affordable and makes sense for your future. Sometimes selling and splitting the proceeds is more sustainable. Other times, one party may "buy out" the other.

Q: How will divorce affect retirement?

A: It often reduces total savings and may require adjustments to your retirement plan. We’ll look at what’s being divided (including pensions) and help you rebuild a realistic retirement strategy.

Q: What about taxes - what should I watch out for?

A: Taxes can affect spousal maintenance and asset division. We can help you understand what’s taxable, what’s not, and what your post-divorce tax situation may look like. It’s smart to plan ahead to avoid any surprise bills.

We can help you understand your financial picture from the ground up, empowering you to take control.

Q: What if my spouse handled all the finances?

A: That’s very common. We can help you understand your financial picture from the ground up, empowering you to take control. We will break things down clearly and help you make confident, informed decisions.

Q: Can you help me create a post-divorce budget?

A: Yes, we can. We’ll work together to understand your income, expenses, and any support payments to build a realistic monthly plan that supports your goals—whether that’s staying in your home, supporting children, or saving for the future.

Q: How do you work with my lawyer or mediator?

A: We often collaborate with legal professionals to provide financial clarity. We won’t give legal advice, but we can supply financial data, models, and projections to support negotiations or court proceedings.

While financial concerns are often front and centre during a divorce, we understand that it's also a deeply personal transition. That’s why we work closely with our clients to create a lifestyle plan that reflects their unique goals and values.

Please note that financial advisers don’t replace a divorce lawyer, but they complement legal advice by ensuring that financial decisions are well-informed and sustainable in the long run.

Our mission is to ensure that divorce doesn't stand in the way of the life our clients envision. From day-to-day routines to long-term aspirations, we’re here to help our clients move forward with clarity and confidence.

Written by Pooja Shah

This article is intended for information purposes only and it does not constitute a personal recommendation or inducement to invest. The contents of this article are not intended to be construed as legal, accounting, tax or investment advice. With any investment your capital is at risk. You should seek independent financial advice if you are unsure whether an investment product is suitable for your personal financial circumstances and appetite for risk. Unless otherwise stated this information is accurate as at 09/10/2025.