The financial considerations of divorce are often complex. The earnings of each spouse, assets owned, child custody, child support and other factors all affect how finances are divided up, including what type of financial support is provided in the aftermath of the divorce.

Further complicating these factors are state divorce laws, which can vary widely from one to the next. Washington divorce professionals recommend that all divorcing individuals should enter into divorce proceedings with their financial information organized.

For example, all paperwork representing assets owned should be presented to the lawyers during proceedings. During divorce, marital assets are divided equitably between the spouses, and the monetary value of your assets will make this process easier. Include financial documents such as bank account records, tax records, insurance policies, trust agreements, real estate ownership documents and existing debts.

Divorcing individuals should also establish their own financial identity, opening their own bank accounts, getting credit cards under their name alone and starting to separate themselves financially from their spouses. Once this is done, attempt to freeze the use of existing bank accounts and credit cards shared with your spouse, which can protect both of you from accruing debt.

You should enter into divorce proceedings with a realistic idea of what assets you want to keep and how debts should be split, and it is important that you discuss these preferences with your lawyer to make sure larger expenses --- such as a home mortgage -- can be maintained.

Finally, discuss with your spouse your continuing financial relationship, including how retirement benefits will be divided and administered, and what type of insurance coverage will be provided to you and/or the children. Preparing for these final sticking points will make the divorce process much easier on both sides.

Source: Huffington Post, "We're Getting A Divorce, Now What?" Linda Descano, CFA, Feb. 1, 2012