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e end of a marriage is the beginning of an entirely new set of financial circumstances. If a divorce is inevitable, it's time to start thinking about shoring up your finances. Don't make major financial decisions without first consulting with a divorce lawyer licensed in your state and a financial advisor. A divorce can have a greater impact on your current and future financial well-being than nearly any other event in your life. Close all joint accounts. Credit cards should be paid in full and shut down. Establish accounts in only your name. Gather all your family's financial documents, including all insurance policies, retirement accounts, and mortgage information. It may be helpful to collect this before filing for divorce. Track current and future expenses and know all debts and assets. is will help you create a post-divorce budget and help the court decide how to split assets and debts. Refinance the family home if it is not being sold, in just the name of the person who will keep it. Get a post office and safe deposit box for confidential mail and personal effects. Divorcing after age 50, the so-called "gray divorce," can be financially devastating, especially for women. Older women who experience a divorce see their standard of living decline by 45%, according to a study by the National Center for Family & Marriage Research. at's much more severe than for men, who see a decline of 21%. Once the divorce settlement is final, take time to update your credit union accounts, will, powers of attorney, beneficiaries, and other records to reflect your new circumstances. Divorce Can Crumble Your Financial Foundation 8