Divorce is a messy business, but a business nonetheless. Entering into any business, one needs to know just how to survive and to stay afloat; otherwise, being in over your head is going to catch up, and fast.

One of the first things that needs to be done when entering into a divorce, that may be the hardest, is to try to separate the emotional aspects from the business aspects and be sure to get the help you need so you can get the best financial result possible. If a divorce is anything but amicable, the chances of an ex-spouse going for the jugular as far as finances is concerned is quite high. So here is a short list of things that you should do and think about before rushing to file for that divorce.

Finances, Finances, Finances
Understanding your current financial situation, in depth, is a key factor before entering into any divorce proceedings. Asking yourself questions like “What do I own and what do I owe?” are important. Be sure you know whose name certain assets are in, as well as whose name is on the debts. Credit can be ruined overnight if a spouse’s name is on a debt that is owned by the other spouse.

The Big Divide
Look into, properly allocate, and then separate your credit. Try to establish new credit in your name alone while removing your name from joint credit where possible. This will require closing joint credit cards and bank accounts. Start storing your own cash and assets in a new bank account. Setting up after the divorce is final will not be cheap or easy, so save for the immediate future now.

Think Ahead
Go over all wills and deeds; if your beneficiary choices are affected by the divorce, change them. also, consider your insurance needs: first, you’ll want to make certain that you’ll have uninterrupted health insurance. You may also want to consider requiring life insurance to guarantee continued alimony and child support, should your ex-spouse die prematurely. Decide now how college will be funded for any children involved within the dissolution. You can never plan too much. If you’re not the planning type, now marks a great point in your life to start.

The process of divorce is often a highly charged, emotional time. Don’t let the hectic, roller coaster of divorce lead you to make financial mistakes that can affect you for years to come. Plan ahead at all costs. Be rational and calm, especially in a dissolution that is less than amicable. Chances are, your ex-spouse is not thinking of your needs entirely, so look out for number one, and that’s you( and any children you may have).