Here's a news flash: Divorce can ruin your credit rating.

We've post numerous entries here at FWW about this topic. But it seems the more we look around the Web, the more stories we find warning divorcing couples that they've got to really be on their toes to maintain their financial well-being. One such story I read the other day came from Dow Jones' MarketWatch and had all of the major points covered pretty well.

You have to separate your joint accounts, both checking/savings and your credit cards. If you don't, one person can really screw the other out of a whole lot of money.

And then you have to figure out what to do with big-ticket possessions, like houses and cars. For many couples, selling these off is the only financially feasible step to take. If one person can't handle the mortgage, both of you end up better off if you sell the place and end up with cash in your pockets. Of course, with the housing market the way it's been the last year or two, that may be easier said than done.

All of this is great, common-sense stuff. The problem — which the piece acknowledges, to its credit — is that most people aren't thinking straight when a divorce happens. The writer suggests planning all of this financial reorganization starting six months to a year before you file for divorce.

Sure, and right after I get done with that, I'll get to work on paying next year's taxes and buying Christmas presents for 2010, too.

Seriously, I don't think that advice holds much water. Or at the very least, it seems like an incredibly difficult thing to plan. In a way, maybe working through all of the financial red tape is one thing that can keep you grounded while a divorce is happening. This is your life, your finances, your ability to feed and clothe and house yourself. You have to pull it together long enough to get these things figured out.

Click here for more.