It goes without saying that divorce and separation can be painful. During this time of high emotional turmoil, there is an extensive mix of financial decisions that need to be made. Uniformed and/or emotionally-driven judgments can lead to poor financial choices you may be unhappy with and unable to change.

The decisions you make during this process may be amongst some of the most important of your new financial life. The old saying rings true. “An ounce of prevention is worth a pound of cure.”

Here are 12 financial tips to consider:

1. Organize and Make Copies of Your Records.  Personal/business taxes, business records, account statements from investments, pay stubs, life insurance, annuities, credit card statements, stock certificates, etc.
2. Establish a Team of Experts 0n Your Side.
3. Devise a New Budget Based on New Incomes/Expenses.
4. Monitor Credit Report and Credit Applications.
5. Close Joint Accounts and Lines of Credit.
6. Open New Accounts in Your Own Name. This may include establishing a line of credit in your own name to build/rebuild personal credit.
7. Hold Off on Major Financial Decisions.
8. Estimate Your Worth and “Must Haves” for Settlement.
9. Assess Liabilities and Marital Debt.
10. Update Beneficiaries and Estate Plan. Including Power of Attorney and Health Record Forms
11. Analyze Insurance Needs: Health, Auto, Property, etc.
12. Keep a Running List of Financial Questions.