People get divorced all the time. It is important to be aware of your financial situation and protect it during your divorce proceedings. Make sure that you don't make costly financial mistakes that could devastate your financial portfolio. While divorce is hard enough,  it can be even harder if you don't avoid the following mistakes.

Not knowing what the value of your assets is.

When you think about your assets, you need to think about how much they are worth if you had to sell them for cash. Your bank account is one of the most valuable assets you have because whatever is in the account is what you are going to get out of it. However, an old automobile or antique necklace might not be as valuable because it could take quite some time to sell and gain access to the cash. Oftentimes, divorce settlements don't divide the assets fairly. Make sure you get a fair amount of liquid assets in comparison to illiquid assets. Your lawyer can make sure the settlement is split fairly between both parties.

Not looking into your credit and debt ratings.

Who wants to start off divorced with a horrible credit rating for something they didn't do? Go through your credit report before the divorce is final. Look for joint accounts. Close the joint accounts and pay them in full to make sure they aren't following you around after you are divorced. A credit card company doesn't care that you went through a divorce and your ex made the purchases. To prevent your credit rating from suffering, the best option is to get rid of the credit cards right from the start.

Not identifying all of the hidden assets in the marriage.

Once divorce proceedings are underway, spouses will often do whatever they can to hide money from the other spouse. Some will open a secret account and put all of the money from the marriage in that account, leaving the other party penniless. Look for secret bank accounts in their name and your children's name, expense accounts, brokerage statements and tax returns. You might be surprised at what you might find.

By not making one of the mistakes above, you can make sure you aren't taken advantage of during the divorce proceeding. Your attorney can help you uncover any hidden assets to ensure everything is split fairly between the two of you. For more information about divorce attorneys, go to http://www.kamesquire-com.webs.com.