Life Moments

Separation and Divorce

Separation and Divorce

Practical information to help you sort out your finances following separation or divorce.

Managing your finances

Breaking up is really difficult...it can be hard to know where to begin when it comes to practical things like sorting out your financial situation. This list should help steer you in the right direction.

  1. 1

    Separate your joint accounts

    Don't ignore any joint accounts, loans or credit cards you have. Contact your bank to explain the situation. You can ask them to freeze your joint accounts if necessary, but it's important to make sure any joint bills can still be paid for using Direct Debit or standing order.

  2. 2

    Review your mortgage

    Speak to your mortgage lender as soon as possible and they’ll advise you. You and your ex-partner will need to decide if one of you can afford to stay in the family home and weigh up the options.

    Just make sure you keep on top of your repayments while you try and decide what you want. If you don’t, it could impact on your credit rating and cause you both problems in the future.


    MoneyHelper has lots of helpful financial information to support those going through separation or divorce.

  3. 3

    Consider your assets 

    Think about how you'll go about splitting up what you own. This can be very difficult, emotionally and financially.

    If you're able to come to a decision together, it's still a good idea to get an experienced solicitor to review the proposed terms. If you can't agree, mediators might help or you may need to make an application to the court who will then decide on what they consider a fair division of assets. 

  4. 4

    Review your insurance

    If you're no longer living together, remember to update your contents insurance details.

    You'll also need to update your life insurance policy as your ex-partner is probably named as the person who the payout would be made to if you died. 

  5. 5

    Review your will 

    Make a new will or update your existing one to remove your ex-partner, if that's appropriate.  If either one of you meets someone new, things could get complicated further down the track if your will is out of date. 

Organisations that can offer support

Separation and Divorce | Royal Bank of Scotland

Counselling and support

Help and support for separated families

How to manage your money and divide what you own





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Separation and Divorce | Royal Bank of Scotland

Legal requirements

Find a lawyer who specialises in family law

Support for single parents

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