In the late 16th century, when death parted married couples far more often than divorce, Sir Francis Bacon wrote, “Knowledge is power.” Women of the 21st century should adopt that credo with the addition of the word “financial.” In our office, we work with a lot of women & men who face divorce. I have found over the years that post-divorce financial success stems from early preparation. Below are four critical steps we have found helpful for those facing divorce.

With the combination of later marriage, divorce, widowhood, and longevity, almost 90 percent of women will end up managing their finances alone at some point in their lives, according to the Department of Labor. A strong base of financial knowledge can prepare you for that responsibility, regardless of when it comes. For those who may be facing divorce, critical steps must be taken to prepare for your new future.

Unfortunately, when a divorce happens, there’s little value in the hindsight knowledge that a bit more focus on the family finances would have been beneficial. Because trouble usually brews long before the papers are served, that first pinprick of doubt is the time to sit up and pay attention. Arm yourself with financial knowledge. If that pinprick goes away and you remain happily married, you’re no worse off for having a better understanding of your overall financial situation. In addition to knowing, at a minimum, how much money comes into the household and what percentage goes toward bills, college funds, retirement accounts, and savings, you should also know where key financial documents, such as wills and insurance policies, are kept.

The emotional upheaval of a divorce is no time to be learning money basics and selecting professional advisors. Preparing now isn’t cynical – it’s smart.

Get to know the family financial advisor, accountant, attorney, and insurance professional. If divorce happens, you may decide to form new professional relationships. If you hold joint accounts or seek joint services – for example, the accountant prepares a joint tax return – you and your spouse are both technically clients, and ethics prohibit professionals from acting against your best interest. Don’t rely on your pending ex to relay information – call these professionals yourself.

Married women may choose to have their own team of trusted advisors – you and your husband can meet jointly with both advisors to keep their overall strategies in sync. Many people find hiring a Certified Divorce Financial Analyst to be extremely useful during their divorce. It’s better not to have to shop around for credible professional help in a divorce situation. If you do have to find new professionals, start with referrals from people you trust, particularly those who have been through a divorce. If you become uncomfortable with the professional at any time– particularly if you feel pressured to make major decisions in a short amount of time or invest money in ways you’re not sure about – remember that you hired the professional – and you can fire that professional, too.

If learning the basics of finances and money management seems overwhelming, start with small but consistent steps. Financial confidence in divorce starts with small steps. Resolve to read something – a website, magazine, or book – on a financial topic every day. Check out basic financial classes available from your local investment company, bank, or community college. Your professional advisors can help as well. As the saying goes, there’s no such thing as a stupid question. Don’t be intimidated. Most professionals welcome the opportunity to share their knowledge and educate clients.

Because a divorce comes with a timeframe, major decisions will need to be made in a relatively short period. These will include splitting assets such as your home, cash, and investments – including retirement accounts; as well as liabilities, including your mortgage, vehicle loans, and joint credit card debt. Four critical steps when facing a divorce include:

  • Pulling your credit report.
  • Opening individual banks, credit cards, and brokerage accounts.
  • Changing beneficiaries on your accounts and policies.
  • If you are dependent on your husband’s insurance, determining if and how long your coverage will continue. (Hint: Call the HR department of his employer or the insurance carrier yourself.)

A solid understanding of financial basics and the household’s financial picture, along with a team of trusted advisors, can give you the confidence you need to make financial decisions throughout your life, whether single, married with or without children, divorced or widowed. Financial confidence in divorce is possible. Know that you are enough & it’s okay to ask questions! You owe it to yourself to learn basic money management skills and find the professional assistance you need to make sound financial decisions. It’s a skill you will almost certainly need in your lifetime, so it’s never too early to start.