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Step 1
Avoid using your emotions when it comes to the question of who is going to keep the house. Decide which person will be more able to pay the extra expenses that could come with it. If you do not think that your financial health is up to maintaining the property, paying the mortgage and possible upkeep, it may be in your best interest to let the other person have it or sell it. Selling a home these days may take some time, but the profit will be split when it is sold and you will be better off.
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Step 2
Make a clean break financially, at least. The asset and debt separation can be difficult, but extremely important for your financial well being. Split all credit cards and lines of credit to safeguard against possibly finding out a year later that your spouse had spent the maximum limit on them. This could be a devastating financial divorce mistake, if you don't make a clean break.
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Step 3
Depend only on yourself when it comes to financial commitments. Even though both of you would only be obligated to pay what is written in a divorce decree, creditors make their own collection calls and they don't have to go by the decree. So, if your spouse is ordered to pay the mortgage and doesn't, if your name is still on the mortgage, you could both be sued for non-payment.
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Step 4
Change your will soon after the divorce is final. Failing to change the beneficiary on your will or life insurance policies could be a huge financial divorce mistake. If you wait too long to change the beneficiary on your will and possibly get remarried during that time, your money may go to the ex-spouse.
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Step 5
Plan your future budget to avoid financial mistakes while negotiating your divorce agreement. It is detrimental to look 10 to 20 years down your path when making any type of financial decision, most importantly one that will remain with you forever. Planning ahead for your future is a key factor, because once you've signed the papers, that will be the final decision that you must live with.
