Take Charge America, one of the nation's oldest and largest nonprofit education, credit counseling and debt-management organizations, is offering financial tips for couples facing divorce.

"Individuals going through a divorce are often so caught up in the emotional aspect, they neglect to do their homework and many wind up in a financial nightmare," said Mike Sullivan, director of education for Take Charge America.

"It is important to step back and rationally discuss your current financial situation so that both parties leave the marriage with the amount of money that is deserved, as well as an understanding of payment responsibilities."

Sullivan also emphasized the importance of compromise and cooperation between the two spouses in making fair, reasonable financial decisions. If debt accrued during the marriage is a problem, Sullivan suggests seeking debt-management assistance from a highly trained counselor.

To help protect one's credit, Sullivan offers four tips while in the midst of a divorce:

-- Lock down everything financial. Close all joint credit card accounts and savings and investments accounts. It is extremely important to know what assets each has secured and what each stands to lose.

"Now is the time to reestablish credit and open new accounts in just your name," said Sullivan. "It is a good idea to order a credit report and address any issues immediately."

Keep a close eye on it to make sure no new credit is opened under your name, he said. "Knowing where you stand with your credit score and your assets will help to ensure a less costly divorce by keeping individual expenses down."

-- Update personal documents. Make sure to update insurance policies, retirement plans and beneficiaries so that you are solely in control of your assets, Sullivan said. "Some employers require that this information be changed as soon as there is a separation in the marriage, so it is important to review your policies early in the process."

-- Communicate and compromise. Though it may not be easy, compromise is an important component to successfully dividing shared finances. Accrued debt must be paid, and payment responsibilities delegated. When dealing with credit cards, it is important to have a written agreement for paying off balances. The best option is to pay off debts with joint assets. If there is too much debt, each person should take responsibility for certain ones.

"Remember though, if your ex fails to pay off joint debt, you will still be held accountable."

-- Reorganize finances. Finances that were once a joint effort are now your sole responsibility, Sullivan said. "Compare the bills you took over from the divorce to your current income, and create a new budget. You may have to make serious lifestyle changes to afford new payments or cover debt, but these actions are necessary to establish good individual credit."

There is no doubt that going through a divorce is difficult, said the credit expert, but being proactive and staying organized with finances can lessen the burden.

"Remembering that divorce is not a contest and should not have a winner and a loser can ease the transition and allow both parties to move on with less conflict."