Divorce is not easy, even if you don’t have children to consider. But understanding how to handle money and belongings can make it easier. Here are some tips for couples without children.

Early steps

Hire a lawyer or a mediator. If you and your partner can agree about how property and money can be divided, then a mediator may cost less. If you expect problems, consider each hiring your own lawyer.
Talk about it. It’s helpful if you and your partner have some ideas about the settlement before filing for divorce.
Gather important paperwork. You will be officially dividing your property. You need to find records such as tax returns, banking statements and real estate purchases.
Research divorce laws in your state. Every state has its own laws about the division of property. Make sure you understand your state’s laws.
Create a budget. Many people underestimate the impact of divorce on their lifestyle. To prepare yourself, set up a budget. Make sure you can stick to it before a settlement takes place.

Then you need to decide how to handle debts and divide assets.

Debt

You’ll need to decide who is responsible for the debt you took out as a couple. Many couples divide the debt between them.

Be sure to find out how much you owe before making any decisions. Think about freezing the debt to keep it from getting larger.

If you both are thinking about bankruptcy, it may be easier to file before filing for divorce. If only your partner is thinking about bankruptcy, talk with your lawyer to learn how this may affect your own finances.

Real estate

Often, the easiest way to deal with issues around the house is to sell it. This way, you can divide the money equally.

Decide if you can afford to keep the house or if you should move out. Also, if your name is on the loan, you are responsible for any missed payments.

Retirement plans and benefits

Look into what retirement and benefits plans you and your partner have, such as:

Individual Retirement Account (IRA)
Annuities
Defined contribution pension plans, including 401(k)s, 403(b)s, and profit sharing plans
Defined benefit plans
Federal employee retirement plans
Social security benefits

Different rules apply to each. Talk with a financial professional to learn who can help you best divide up your assets.

Property and pets

Make a list of all your property, and then divide your belongings.

If you have a pet, talk about whom the pet will live with after the divorce. If the pet came with a spouse into the marriage, it’s usually easier for the pet to live with the original owner. Some couples decide to share the pet with a "custody" agreement.

Sources:

Consumer Financial Protection Bureau. Can a debt collector contact me about a debt after a divorce?. April 14, 2023.

Consumer Financial Protection Bureau. Mortgage basics.

Personal-finance.extension.org. Preparing a Checklist for Meeting with an Attorney. May 30, 2019.

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