Divorce is an extraordinarily trying time emotionally, and it is easy to feel overwhelmed and neglect some of the practical steps for protecting and ensuring your financial interests when the divorce papers are filed. While you are trying to come to terms with the emotional separation from your spouse, it is important to start taking a look ahead at what you will need to do as a single entity to set up some independence financially for yourself.



If you have been "out of the loop" on finances in your marriage to this point, it is time to educate yourself. Don't make the mistake of expecting that your spouse will have your best interests at heart, or will honor verbal commitments made at this time. Many times in divorce, the worst in people comes out and neither party feels that things are "fair." This traditionally adversarial approach is still common and may be necessary if your spouse is truly unreasonable ? fortunately, if the split isn't too high conflict, there are ways to make the process more cooperative, such as the model proposed by collaborative divorces. Regardless of the approach, there are 6 strategies that can boost your financial security moving forward:

1. Hire an attorney. This is a wise recommendation if there are significant assets, property, and/or child custody issues that need to be resolved. Get referrals from friends and family, and speak to at least 3 before deciding on one. Make sure you understand all the options for pursuing the divorce process, including collaborative divorce, mediation, and traditional litigation models. Look for an attorney that encourages you to do more cooperating than fighting with your spouse, as this keeps those expensive fees to a minimum. Battles typically only result in more money for the attorneys.

2.Get a credit card in your name, while your credit is still combined with your spouse's. This will help you in the future, particularly if you are the financially disadvantaged spouse and are not currently working, or making significant income, from your job. If one company turns you down, try another.

3.Make copies of all your financial records as soon as possible, to avoid the "disappearance" of needed documents later on. Make copies of bank statements, tax returns, W-2's, pay stubs, loan information, insurance policies, car titles, 401K statements, investment statements, mileage plan statements, employee reimbursement accounts, property appraisals, and the like. Your attorney can give you a list of all the documents he or she needs to assess your full financial picture and to determine how assets are divided.

4.Open your own bank account in your own name, if you do not already have your own account. Put a stash of emergency funds in it. If you are concerned that your spouse will be "tipped off" or angry about you moving money into a personal account, try using your debit card for purchases and asking for cash back. Put this cash in the account, just so you have access to money in case your spouse tries to freeze accounts or otherwise block your access to joint funds. Just be sure to disclose this money when asked to by the attorneys to do so.

5. Create a realistic budget of what you (and your children) will need to live on. Include categories of spending such as mortgages, rent, insurance, utilities, car payments, gas, maintenance, medical expenses, HOA dues, property taxes, food, clothing, toys, and any other fixed expenses. Your attorney will likely request this information for the purposes of determining potential support.

6.Consult with a financial specialist. A certified divorce financial analyst (CDFA) or financial planner can help you understand the long term ramifications of proposed settlements and asset division, and help you understand what is in your best interest.