True, divorce was only one of many things leading to the reformation, and arguably not a primary catalyst.
As far as England, the problem of divorce (ala Henry VIII) did lead, more or less, directly to the separation of the Church of England from Rome. By that point, reformation had already been ongoing in continental Europe for a couple decades. The break in England brought them more in-line with what was happening elsewhere.
If the Catholic Church had allowed divorce (in general, or just in Henry's case), England might not have split off the Church. Eventually, reformation concepts would have taken greater hold in England anyway, but it might have been a different sect. So, perhaps you have England eventually becoming Lutheran instead of Church of England or, perhaps, it develops its own Protestant faith that's less based on Catholicism and more based on Lutheran.
England might have followed a different path which has massive ramifications for the settlement of North America. Outside of England I am not sure it matters as much. Divorce was just one of many issues that led to the reformation and so forth.