In addition to emotional toll, divorce can cost you thousands

Updated: Jan. 15, 2018 at 7:55 AM EST
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(WWBT) - Marriage isn't just a personal decision - it's also a business one.

And ending a marriage is of course hard emotionally, but if you aren't careful it can also set you way back financially.

The average divorce costs about $15,000 right now with most of that coming in the form of attorney's fees.

If your marriage is ending or on the rocks it's a good idea to document all of your assets - both what you own and what you jointly own.

If you have joint insurance policies, credit cards and bank accounts, now is a good time to open accounts in your name. Tell your lenders you are separated or going through divorce proceedings and make sure they have your contact information in case payments are late.

Also be sure to pull your credit report and look for accounts that need to be canceled or updated.

While attorneys help with the legal side of things a financial adviser could be a huge help to protect your assets through those proceedings.

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