Step 1 — gather documents
- Collect last 3 years of joint and individual tax returns
- Obtain 3 to 6 months of all bank and credit card statements
- Locate mortgage statements, deeds, or lease agreements
- Compile retirement and investment account statements
- Pull pay stubs for both spouses (last 2 to 3 months)
Step 2 — open individual accounts
- Open a personal checking account in your name only
- Set up a separate savings account for transition expenses
- Apply for an individual credit card to begin building credit
- Update direct deposit to your new account
Step 3 — address joint obligations
- List all joint accounts and agree on a closing plan
- Contact creditors about removing a spouse from joint accounts
- Refinance or transfer any joint loans as agreed
- Update beneficiaries on life insurance and retirement accounts
Step 4 — protect yourself
- Pull your free credit report and check for joint accounts
- Change passwords on all financial accounts and email
- Set up a P.O. box or update your mailing address
- Review and update your will or estate documents
You do not have to do this all at once. Work through one step at a time — progress is progress.