How to protect your money in a divorce

Take these five important steps to protect your money in a divorce:

Dive into the details. Gather all information on shared financial entities - income, real estate, check books, stock and shares, pension plans, tax returns - so you will be prepared in making an educated decision on what you want and what you can do without.

Hire a divorce financial analyst. In addition to your divorce lawyer, it may be worth employing a divorce financial analyst. A 50-50 division of assets is a common rule of thumb in most divorce proceedings but your spouse can always hide assets or force you into an unfair deal. A professional analyst is more skillful at uncovering dodgy moves and more knowledgeable in projecting your financial future by comparing different settlement scenarios.

Let go of emotional attachments. Most women tend to want the marital home - it's a place the children are familiar with and moving is frankly another upheaval you think you don't need. But consider this: keeping this house means there are mortgage payments, property taxes and other maintenance costs. Also, this is one of the least liquid assets you could have. If you need the money in future, you can't just sell part of it. Unless you are confident of other streams of income, banking on the house may be a bad financial decision.

Re-evaluate your insurance coverage. Life insurance can help protect your plans for your children's future should anything happen to you, while disability income insurance and long term care insurance can help safeguard your way of life if you become sick or injured.

Think long-term. What may be more convenient for you now may not safeguard you 20 years down the road. Don't exclude the possibility your ex could die, move countries, or get fired. Prepare yourself for the event of default child support and alimony payments. Go for stock options - they may not be in your name but you are entitled to some of the proceeds. Zero in on your former partner's pension plan. Although this can only be gained after the working spouse retires, at least you are securing some money for the far future. Don't forget social security because you can get half of your ex's benefits after 10 years of marriage, and vice-versa.