Preparation is your best protection

Divorce is a difficult transition on many levels, not the least of which is financial. There are so many decisions to make. How will you divide your assets? Who will be responsible for current debts? What about your retirement accounts? How will you manage on your own once your divorce is final?

While no one likes to think this will happen to them, the unfortunate reality is that 40–50 percent of American marriages end in divorce. For anyone contemplating divorce, thinking in advance about financial decisions may help keep emotions from overriding good judgment.

The following information can help you think more clearly and take control of your situation:

• What to do when preparing for a divorce.
• How to protect yourself during a divorce.
• How to move forward with your own financial life.

Financial independence is important no matter what your relationship. Whether you're a man or woman, married or living together—all adults should know how to fend for themselves financially. This means establishing your own credit, being familiar with family accounts and investments, preparing for your own retirement, and making sure property is titled correctly. If you need help, start with a review of the basics.