First, take a deep breath. It’s overwhelming, but there are some simple guidelines to follow that can make the process less intimidating.

However painful it is, try to treat this like a business deal as best you can. Easier said than done, but it will make the process a bit easier and hopefully more financially successful in the long run.

1. Take a Financial Inventory

It may take some digging through the filing cabinet, but take a financial inventory of everything you have. If you keep your financial accounts on a site like Mint—it’s all right there.

Remember, financial information is more than just investment statements. Be sure to include insurance contracts, all outstanding information regarding your debt and your estate planning documents (such as wills and powers of attorney).

Lastly, include a listing of your physical assets: jewelry, cars, real estate, art, antiques and other valuables.

Note: It’s probably a good idea to make copies of all financial documents from the last three years of your marriage.  This includes tax returns, pay stubs, stock certificates, mortgage payments, etc.  Your lawyer or mediator will likely need these.

2. Decide How You Feel About the Family Split

Before discussing the financial split with your spouse decide how you feel about the family split. Understand which “assets” are most important to you (family vs. finances) and which ones you are willing to negotiate on.

3. Keep Your Own Insurance

You’re splitting up, but insurance policies are still needed. Don’t stop making the premium payments in the interim.  Your insurance needs will probably change based upon the final results of the separation. Meet with your insurance advisor to re-analyze your needs.

4. Update Your Estate Plans

See your estate attorney.  They will not only handle issues such as custody and child support negotiations, they will also need to redo your estate plans—including your will and trusts if applicable.

5. Review Your Credit

You need to understand what this is now. Be sure to order a credit report. It would be a good idea to cancel all joint accounts and set up your own accounts and credit cards.

P.S. While the process can be extremely hard, it’s important to keep a clear head. Read the list of top 10 financial mistakes people make during a divorce on Forbes.

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