Financial advice for women going through a divorce

What to sort out, in the order it usually comes up

These steps apply to England and Wales. Scotland and Northern Ireland have different rules for dividing assets.

1. Step 1

   What happens to our joint bank account if we separate?

   If a joint account lets either of you withdraw money alone, it usually still does after you separate. You can ask the bank to change it so both of you must agree to any withdrawal. Joint debts, such as a joint loan or overdraft, stay the responsibility of both of you until they are paid off or moved.

   Before any decisions are made, collect copies of:

   • Bank, savings and credit card statements for every account in either name
   • The latest statement for every pension, including old workplace pensions
   • The mortgage statement and any recent valuation of the home
   • Payslips, P60s or tax returns for both of you

   A free credit report shows every account and debt linked to your name, including ones you may have forgotten.

2. Step 2

   Am I entitled to my husband's pension after a divorce?

   Usually, yes, at least to part of it. In England and Wales, pensions built up during the marriage count as matrimonial assets whoever's name they are in. They are often worth more than the house, and they are the asset most often overlooked.

   There are three ways to deal with a pension:

   • Pension sharing order: part of the pension moves into a pension in your own name.
   • Offsetting: you keep more of another asset, such as the house, instead of a share of the pension.
   • Attachment order: you receive part of his pension when he starts taking it. This is less common, partly because the payments usually stop if you remarry.

   Start by asking each scheme for a Cash Equivalent Transfer Value (CETV). For final salary (defined benefit) pensions, the CETV can understate what the pension is really worth, and a Pension on Divorce Expert report may be needed. The new State Pension generally can't be shared on divorce.

3. Step 3

   How will we divide our family home?

   The usual options are:

   • Sell and split the proceeds.
   • One of you buys the other out, which needs a mortgage in one name.
   • Delay the sale with a Mesher order, often until the youngest child finishes school, with each of you keeping a share.

   When a court decides, its first consideration is the welfare of any children under 18. After that it looks at both people's housing and income needs, not just who paid the mortgage. Before agreeing to keep the house, check you can afford the mortgage and running costs on one income.

4. Step 4

   Do we need a court order if we agree everything?

   Yes. An agreement between you isn't legally binding until a court approves it as a financial order. If you agree, this is done on paper as a consent order, usually drafted by a solicitor. Without one, either of you can make a financial claim against the other in future, even after the divorce itself is final.

   If you can't agree, you will normally need to attend a Mediation Information and Assessment Meeting (MIAM) before applying to court, unless an exemption such as domestic abuse applies. A clean break order, where it suits your circumstances, ends future claims between you.

5. Step 5

   What does a financial adviser do in a divorce?

   A solicitor or mediator deals with the legal agreement. A financial adviser looks at what each option means for your income and retirement: whether to ask for a pension share or keep the house, how a lump sum should be invested, and how to rebuild your own pension afterwards. Advice is most useful before you sign, while the terms can still change.

   Helena.finance lists FCA-regulated advisers who specialise in advice for women, mainly in the East and South East of England. Search by postcode on our find an adviser page. If you have used Helena, our AI assistant, and saved a Financial Snapshot, you can choose to attach it when you send an enquiry. Helena gives general information, not advice.