You have fought all the fights and tried to make it work, but it isn’t happening. Both you and your spouse have decided to call it quits and maybe one of you has moved out.

Many experts will tell you to not let your emotions get the better of you and you need get ready. Learn how to avoid common pitfalls made in divorce proceedings. These tips will help me make more informed and sound decisions.

Have all the paperwork. Get information on your bank accounts, credit cards, assets, savings, mortgage and debts as individuals and as a couple. Be aware that you can obtain your tax statements for the past 3 years along with your salary statements and employment contract. This is essential to calculate the marital estate — subtract the debts from the assets and then divide equally by two.

Get a lawyer ASAP. You may be in the very early stages of separation but it is better to gain as much knowledge as you can because it is usually the first time for most people. Your lawyer can clearly explain to you the basics of family law and what your various options are available to your situation.

Consider filing your taxes separately. Your marital status in your tax return is set according to the last day of the fiscal year, so some people would file for divorce before the end of the year. This seems to be the safer choice as trust levels tend to be very low during divorce proceedings, and if for some reason, you have to file jointly, both parties are exposed to liabilities, even if you’re not in the loop for all the calculations drawn up in the return. If you feel vulnerable as the less financially savvy partner, you should hire another accountant to review the tax return for you.

Ensure you have enough insurance. Most married couples take out insurance policies together because it is cheaper, but if you are single, make sure you factor in insurance for yourself, your children, home and vehicle as an individual.

The cliché that “divorce is business” is not a tired saying for nothing. Marriage is a binding contract and divorce is ending that written bond, if you look at it that way. It is a complex process to face in the midst of emotional turmoil, but like in any tragedy, taking care of the details of what needs to be done could help you cope with any further difficulties that may arise.

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1. Women suffer more in divorce
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3. Avoid the bitterness: Discover collaborative divorce

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