Divorce can be a painful, confusing, and nerve-wracking experience that has a massive impact on your finances.

As you move from a single household to two separate homes, income will not stretch as far. Studies show that people need to increase their income by approximately 30% to maintain their current standard of living.

Key issues to keep in mind include:

1. Personal Budget
2. Financial Documents
3. Insurance and Benefits
4. Taxes
5. Retirement Asset

While divorce is life-altering emotionally and financially, doing your financial homework can lead to a much better outcome.

Click here to read the full article on CNBC.com by financial journalist Janet Alvarez.