A fresh divorce decree may allow the spouses to go their separate ways, but an unfair settlement agreement that doesn't make financial sense can be bad for a spouse's future. Consider these words of advice to lessen the financial impact of divorce.

1. Agree to settle outside of court. In a hotly contested divorce, the divorce takes longer and legal fees can quickly eat away at your assets. The top three issues in divorce settlements are: spousal support, child support, and property division. By settling outside of court, you maintain control of your divorce proceedings, you save time and money. Everybody wins.

2. Don't let your emotions cloud your judgment. Divorce can be a very stressful time, especially when there was an affair, or a lack of trust. Divorce is often the biggest financial transaction of a person's life. This is not the time to let your decisions be clouded by your emotions. Let yourself cool off before making any financial decisions; for example, clinging to a house that you can't afford.

3. Learn about your household finances. In many marriages, one spouse handles all of the money and the other spouse is in the dark. If you didn't handle the finances, you'll need to gather all of the financial information so you can become fully aware of what your assets and liabilities are.

4. Divorce your spouse and their debts. The ultimate goal is to divorce your spouse and their debts. If you and your spouse have joint credit cards, start paying off the balances now, or better yet, pay them off altogether. You don't want your spouse to go on a spending spree, so you may be better off closing all jointly held cards, this way you don't start your new life without mountains of new debt.

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