Filing for divorce is a process. There are certain things you need to take into consideration before, during and after the ordeal of divorce. Planning is an essential part of every divorce settlement, as divorcing couples often face a major transformation in each of their financial circumstances.

A divorce financial plan considers the years following the divorce to see how both the man and the woman can expect to fare. Divorced women, and sometimes men, often suffer unduly in the course of a divorce settlement, because they are not necessarily working full time and their current income level is lower than that of their spouse.

What Should I Do Before Divorce?

• Hire an experienced divorce lawyer.
• Create a divorce financial plan - a written report that reflects your status, your future goals (including lifestyle goals, tuition goals and retirement goals) and a path to get from where you are now, to where you want to be.
• Gather financial documents such as tax forms, benefits statements, bank statements, investment statements, retirement plan statements, wills, trusts, pre-nuptial agreements, postnuptial agreements, insurance policies, credit card statements, tax returns, real estate purchase documents, sale documents, and any other document pertaining to your individual assets.
• Avoid arguments with your spouse and plan pre-divorce meetings in a neutral location.
• Protect children and family from the divorce process. Do not discuss matters with them at this stage in your divorce.

What Should I Do During Divorce?

• The legal divorce process begins when your lawyer files a petition, financial statements and other documents with the court.
• Set time aside each day to relax. This phase of divorce can be very stressful for both parties. It is important to relax, and if you have children, to continue to spend time with them and make them a priority.
• Work on your written financial plan - essential elements to a written financial plan include budgeting, tax planning, retirement planning, tuition planning and estate document planning (such as wills and trusts). Continue to work on your plan and set realistic financial goals for your future.
• Work with your lawyer on mediated or negotiated settlements - or submit a proposal.

What Should I Do After Divorce?

• Keep meticulous records of your financial separation.
• Continue to plan for your future. Prepare a financial plan for the next year.
• If necessary, seek out counseling for any residual feelings of anger/bitterness.
• Keep your emotional divorce separate from your financial divorce - do not confuse child custody and visitation with money issues.
• Keep copies of any support checks you have paid or received.
• Transfer ownership of assets.
• Close all joint credit cards and bank accounts.
• Arrange to payoff any joint bills left over from the marriage - forward all bills in your ex-spouse's name to him/her for financial handling.

After your divorce is over, you enter a new phase in your life. Life after divorce can represent a time of personal growth, rediscovery, and new opportunities. If your divorce is handled correctly and you plan for your future financially, you will achieve divorce success.