When a couple marries they set out to spend the rest of their lives together. Thus, the emotional impact of a pending divorce can be overwhelming for both parties. Although the understandable impulse is often to avoid dealing with the financial details of the separation, the consequences of such avoidance can be as devastating as the emotional impact of the divorce itself.

In marriage, couples often combine their incomes and bank accounts. They buy a house, cars, and other assets together. They also apply for joint credit cards and incur other joint expenses. In fact, it can be easy to forget that two incomes are being combined to support this joint life style and standard of living. When a couple divorces, and they form two separate households, they often find that their incomes are insufficient to maintain the same standard of living.

The financial crisis can also be compounded by a simple lack of knowledge regarding the marital finances. Often, one of the parties was charged with maintaining the parties’ budget, paying bills, and investing. When this occurs over a course of years, or even decades, the other party may initially lack the knowledge or experience to take control of individual spending and establish a financial plan for getting through the divorce. This is important for both parties since this lack of knowledge often results in suspicion regarding the other party’s disclosure of the finances which, in turn, can lead to unreasonable expectations, additional discovery, and additional litigation for both parties.

This guide is not intended to, and simply cannot, replace your divorce attorney. It is by no means an overgeneralization to state that “every divorce case is different.” There are numerous factors that are considered by the court in the division of assets and liabilities, spousal support, child custody, and child support. In fact, if you take only one word of advice from this guide it should be to retain competent, well selected, divorce counsel early in your litigation as a necessary investment in ensuring that your interests and financial future are protected.

While this guide will not replace your divorce attorney, it will provide a general understanding of some of the issues and information which are relevant to the financial divorce process. This should not only get you started on the road to protecting yourself financially during this difficult process, but also provide information to assist you in assisting your attorney. Thus, while the information in this guide is not exhaustive, you should be better prepared for having knowledge of it.

Most information in this guide is fairly general and the author will be revising it from time to time. However, as with all written resources, you should also check with your attorney to determine whether there have been any substantive changes in the relevant state and federal laws since this resource was written.

There are four basic steps to preparing for the financial issues in a divorce. First, you need to do your homework in choosing the right family law attorney. Second, you should consider what immediate action is necessary to protect your credit rating and assets. Third, you should organize your financial documentation so that it is useful to you and your divorce attorney. Fourth, you should review your financial documentation and obtain whatever additional information is necessary to thoroughly educate yourself regarding your financial situation and to draft an effective spending history and future budget. Fifth, you should become knowledgeable regarding the divorce process and your rights in general. Although this may sound daunting, any work that you do to further these goals will empower you to make better decisions and assist your attorney in representing you effectively in your divorce case.