Britain has the highest rate of marriage failure in Europe. Going through a divorce is a traumatic enough event, without the added complications of dividing up the family finances. With some sensible planning we can help you hold on to what is rightfully yours.

There are approximately 158,700 divorces a year in the UK, with September the month that has the largest number of people filing. (Source: Office for National Statistics 2002)

Planning is the key

• Draw up full details of what you own, what you owe and what you earn.

• Think about every financial arrangement you made as a couple, from bank accounts (not just joint ones) to hire purchase agreements.

• Stop all joint credit and store cards. 

• You are liable for your partner's debts if you took out joint loans.

• Review any insurance policy arrangements you have made for your partner on your death. If maintenance payments are involved in any settlement, it may be wise for you to take out a life insurance policy on your ex-husband's or wife's life, as these payments stop when the payer dies.

• Assign any joint mortgage endowment policy to the partner who is taking over the mortgage. If you decide to cash in the endowment, if possible sell it rather than surrender it to the life company.

• Spouses who have no pension provision of their own are entitled to a share of their former partner's pension pot. Since October 2001 the courts no longer discriminate between the breadwinner and the homemaker. This does not apply to unmarried couples.

• Whether you are married or unmarried, check out the title deeds on your property. If you are married and the property is not registered in your name, you must register a charge on the property with the local land registry office to ensure that your spouse cannot sell the home or remortgage without your consent.

• Your will is one of the things you should review if you are splitting up. When a divorce goes through, your ex-spouse will be treated as if he or she had died on the date of the divorce. This is not the same as writing them out of your will altogether.