Divorce in the U.S. is a common occurrence. The divorce rate for first marriages is 41 percent, for second marriages 60 percent and 73 percent for third marriages, according to statistics compiled by the Forest Institute of Professional Psychology in Missouri. With a divorce rate this high, divorcing couples need to know exactly what they should consider when heading into divorce proceedings. Without proper financial planning and preparation, divorce could end up costing a great deal - perhaps more than you can afford.

First Steps

Before even filing for divorce tally and appraise all of your assets. This will help you to ensure that the division of your property is fair, and will also show you clearly how much you could lose. Have assets with a high value professionally appraised.

Next, consider the expenses you will have after you separate. Certain costs, such as the mortgage payment or rent, will take up a greater portion of your income. You may need to pay for your own insurance or spend extra on child care.

If possible, try to determine expenses jointly. The higher-income earner is likely to estimate low when determining the expenses of the lower earner, while the lower income-earner will guess too high. Composing an accurate picture of post-divorce finances together, with the help of an attorney or mediator, will ensure that you are aware of how much income you will need in the future and help during negotiations.

Finally, have your credit report reviewed before you divorce. You may find that there are accounts in your name that are actually your spouse's responsibility, and getting them off of your account is incredibly difficult. Untangling the affairs of a married couple is a challenge no matter how you look at it, but obtaining your credit score is a good place to start. It will also keep you from being surprised by collection calls on accounts you didn't know existed or thought were completely your spouse's responsibility.

Contact a Divorce Lawyer

Getting your financial affairs in order will minimize financial difficulties and prevent unpleasant surprises. For further information on the financial impact of divorce, speak with a family law attorney in your area.