Is your marriage on the rocks? Do you sense divorce looming on the horizon? If you and your spouse see eye to eye on practically nothing except the need to divorce, you need to be alert and get your sense of self-preservation working overtime. While the time preceding the divorce is emotionally taxing, the post-divorce period can become financially difficult and you need to exercise all your efforts and time in minimizing the impact of the divorce on your finances. If divorce is in the offing, you need to take some precautions to make sure your finances are on a stable footing and that your credit rating does not suffer post-divorce. What you need are some tips to numb the financial pain of divorce.

Tip 1: Ascertain Your Finances and Liabilities - Find out what assets you and your spouse have in common and where they are held. These could be safe deposit boxes, securities, trust funds and insurance, to name just a few. You need to work out how to split these when you divorce. Do not forget to find out how mortgage payments for your home are going to be made and how the house is going to be disposed of. In case of tax liabilities, you are responsible for taxes even in the event of divorce, so you should sort out this issue with your spouse beforehand. You will also need to make decisions jointly on how existing debt is to be handled.

Tip 2: Close Joint Accounts - If you and your spouse have joint savings accounts, you need to contact the bank immediately to make sure that your spouse cannot use the money in your joint account without your consent. If you have a joint 401K account or are contributing to a joint pension plan, you need to stop making contributions until you can resolve how to deal with such accounts in case of divorce.

Tip 3: Cancel Joint Credit Cards - Credit cards are high-interest unsecured debt instruments that can cripple your finances quickly if debts are allowed to accumulate. If your spouse is vindictive or your divorce proceedings are painful, then your joint credit card could be used by your spouse to run up debts so high that it could ruin your credit rating. Remember that before you can cancel credit cards, the debts need to be cleared. Talk to your spouse about how to share these debts.

Tip 4: Plan Ahead For Life After Divorce - If you don't have a job, you need to get one to support yourself and your kids. You also need to build a credit history, so make sure you have some utility bills in your name. You need to open a bank account in your name and also get a credit card in your name. This will help you build a credit history that will aid you after the divorce. Make sure the marital assets are going to be distributed equitably. Get a divorce lawyer to help you if necessary.