The divorce process is certainly an opportunity to take an account of your emotional life and prepare to move forward with a fresh start. But it is also an opportunity to conduct a detailed accounting of your financial life. As you begin the divorce process one of the more important pieces of homework you will likely have is creating a detailed and accurate record of your financial accounts, income, and expenses.

It is true that this homework can sometimes be tedious and a bit of a hassle. But completing this accounting in a timely and thorough manner will pay dividends in a number of ways. Most importantly, as you start undertaking the division of marital property, having an accurate map of your financial will allow you to deftly navigate the division and help you identify any hidden assets or previously unanticipated expenses.

The financial information that you provide is used to help determine not only the division of property, but also any amounts for potential child support and alimony. A divorce can have consequences on how much money we have to meet our monthly bills and maintain our standard of living. To ensure that you have the best chance of maintaining your standard of living, it is vital to have an accurate accounting of your monthly budget. This may include a review of your bank statements, credit card bills, tax returns, and even credit report.

Occasionally, this sort of review can turn up some surprises. It is possible that a spouse may have been dissipating marital assets or, in trying to gain a financial advantage in the divorce, hiding income.

Source: Forbes, "Why a Lifestyle Analysis Is So Critically Important For Divorcing Women," Jeff Landers, Feb. 14, 2012