For many people, a new year offers an invitation to make some major changes. Those may be smaller resolutions, such as starting a new exercise routine or picking up a new hobby. They can also be more holistic life reassessments, including of a marriage — especially on the heels of the often hectic and at times stressful holiday season.

“Sadly, if not surprisingly, filings tend to go up in January after the holidays are done,” said Bankrate. This ushers in the start of what is dubbed “divorce season,” building to “historical filing peaks in March and August,” said the outlet, citing a study by the University of Washington.

While undoubtedly emotional, divorce does not have to be financially devastating. If you are among those contemplating this life change, taking some time to prepare can make all the difference. Here’s how.

The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

[

SUBSCRIBE & SAVE

](https://subscribe.theweek.com/servlet/OrdersGateway?cds_mag_code=TWE&cds_page_id=275740&cds_response_key=I4BRBKSW1&utm_medium=referral&utm_source=theweek.com&utm_campaign=wku-all-digital_referral-202401-sub-none-fbk24&utm_content=us-in-article)

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Take stock of your financial situation

The “most important thing for someone going into a divorce to do is to become knowledgeable about their own family finances,” said Reid A. Aronson, a partner at family and matrimonial law firm Aronson, Mayefsky, and Sloan, to U.S. News & World Report.

Specifically, get a handle on your cash flow, including how much you and your spouse are earning each month and where that money is currently going, whether it’s toward bills or into a bank account. Next, sort out what assets and liabilities you have, and whether they belong to one of you or to both.

Get your paperwork in order

Divorce comes with a whole lot of paperwork. Locating and organizing as much of it as you can ahead of time will make the whole process easier, not to mention faster. But perhaps even more importantly, reviewing these documents prematurely “will also help you protect your property and assets because you will know exactly what is being discussed at every point,” said Investopedia.

The types of paperwork you might want to pull up include financial statements, tax returns, documents related to any real estate or vehicles you own, records of debt, and, of course, your marriage paperwork, which includes your marriage license and a prenuptial or postnuptial agreement, if you have one.

A free daily email with the biggest news stories of the day – and the best features from TheWeek.com

Ensure continued access to funds

Unfortunately, “divorce is not always amicable, so creating a bank account separate from your spouse is one way to protect your finances and credit score,” said Chase. You might also consider updating “passwords or login details for your individual accounts,” which “may help prevent access to your account information.”

It is also worth considering that “after you separate, there’s a real possibility of being cut off from shared bank accounts and credit cards,” said Bankrate. To avoid this situation, as you weigh the possibility of divorce, start “setting aside just $10 or $20 a week in your own account,” which can serve as both a “small safety net” and an “exit plan” should you decide to follow through with filing.

Understand the financial implications

The finality of a divorce may be enough of a shock — so you do not want to also end up blindsided by the new financial reality it brings. Revise your budget to reflect your new financial realities, whether that means less money flowing in each month, higher housing costs or a shift in your retirement outlook.

Another smart action item is “reassessing your financial goals, which may have drastically changed during the divorce,” said U.S. News & World Report. This can also be the time to call in some expert help, whether it is a financial planner to help you reimagine your roadmap, or an accountant to help you understand any divorce-related tax implications, ensuring you start off this new chapter on the right foot.