It is a well-known fact that financial problems are a leading cause of divorce. According to studies published in the Journal of Political Economy, couples that experience any significant and unexpected change in income—positive or negative—are at risk of divorce. Furthermore, there is evidence that couples’ financial problems are linked to increased levels of stress, conflict, and decreased levels of marital satisfaction.

With so many families struggling financially as unemployment rates continue to rise, it’s ironic that less people are calling it quits. According to the American Academy of Matrimonial Lawyers, 37 percent of the divorce attorneys polled reported that they’ve see a drop in cases during the recession. Divorce can be incredibly expensive, which could be why more and more couples are finding ways to work out their problems.

If the economy is taking a toll on your marriage, consider a separation. A little time and space could do wonders for your relationship. While it may be hard for people involved in an emotionally-draining separation to clearly think about their money, it is absolutely imperative.

Pull a copy of your credit report. You will want to review entries carefully and either close all joint accounts or change them to individual accounts.

Alert your secured lenders. Make sure your lenders know about your marital status and instruct them not to allow any changes without your permission. You may also want to “freeze” joint bank accounts or divide any funds into two individual bank accounts.

Develop a plan to pay down debt. If the relationship ends in divorce, your divorce decree is an agreement between you and your spouse (not your creditors) on how your debts and assets will be divided. Paying down debt now will help to eliminate some of the burden of having a big debt load after a divorce.

Be realistic about the future. Create a financial plan for each potential outcome. Consider hiring a trusted financial advisor for help; be certain to ask about your advisor’s experience with divorce and marriage separations.

Because a marriage separation can be a very complex process, consider marriage counseling. A marriage counselor can help you see another side to marriage, resolve differences and help to open the lines of communication. Marriage counseling can help you rebuild your relationship or help you decide if divorce is the best option. Either way, you owe it to yourself and your marriage to try every possible solution.

It’s a feeling that sends chills down your spine. You feel alone, confused, and angry. Unfortunately it is a feeling experienced by many people each year – it’s the feeling caused by identity theft. Claiming millions of victims each year, identity theft is one of the fastest growing crimes in the United States. According to the Federal Trade Commission, identity theft affected nearly 10 million Americans last year.

As part of a nationwide grassroots consumer education outreach our organization, Money Management International, has partnered with the National Foundation for Credit Counseling (NFCC) and other NFCC member agencies to offer financial education in recognition of Protect Your Identity Week (PYIW), October 17 -24, 2009. Protect Your Identity Week is designed to help people gain access to free information on prevention and learn what steps to take if they find themselves a victim of identity theft.

To kick the week off, consider the following tips to safeguard your personal information:

-Don’t leave your wallet or statements lying around—even at home.
-Don’t carry Social Security cards or anything with your Social Security number on it.
-Keep track of your credit card receipts and carbons.
-Never tell anyone your card number over the phone, unless you initiate the phone call.
-Never allow your credit card number to be used as identification.
-Collect your mail regularly and destroy unwanted credit solicitations.
-Monitor your credit statements.
-Visit AnnualCreditReport.com and review your credit report at least once a year. Report errors and inaccuracies immediately.

If you become a victim, acting quickly is the key to minimizing damage. Take these steps if you feel your identity has been stolen:

-File a police report.
-Immediately notify issuers of credit.
-Contact the fraud department of each of the credit reporting agencies to place a temporary 90-day Fraud Alert on your file.
-Monitor your credit file.
-Contact your local state Attorney General’s office and the Federal Trade Commission (877-IDTHEFT).
To learn more about protecting your identity or to find a theft prevention event near you, please visit ProtectYourIDNow.org.

At some point we’ve all fantasized about what it would be like to trade places with someone else. Well guess what, there’s someone out there who isn’t just fantasizing. They are taking great strides to obtain your identity.

This past week I encountered a situation that was both a financial issue and a very painful family issue. A young man, age 34, was in a traffic accident and seriously hurt. His family was told that his condition would not improve and were asked if he had any type of Will or Health Care Directive. Through tears and much sadness, his mother replied that her son did not have much in the way of assets and he could not afford to have that sort of document written up. The hospital then informed them that they had to use all life saving procedures available.

I don’t want this to be a debate about health care cost, about his right to die but more about the few steps that we can all take to help avoid the decisions and issues this family had to face.

I was able to accompany the family to their sons home and as gently as I could, try to help them go through his personal papers to see if there was any document that he had create that would give direction and convey his wishes should this event occur. In two hours, we were able to find out that he did have assets. He had a life insurance policy worth twice his salary, a 401K plan that had over $23,000 in the plan, two life insurance polices from organizations where he had memberships and 35 shares of stock—a gift form his grandparents. This young man had approximately assets of $87,000. His mother could not get over how much he had saved and that he had listened to her about saving money and buying life insurance.

The part that she did not tell him is that you need a few other documents to protect and direct those assets. He needed a Will that would help the court distribute his assets and he needed a Health Care Directive, that would let his caregivers know of his intentions should be in a condition that he could not communicate about his wishes that related to his care and treatment.

As I continued to look in files, I found one red file folder marked “NET WILL” and knew he had done the right thing. Yes, he had downloaded a very basic Will and Testament and had completed the forms.

The family attorney is now reviewing the paper work and the fate of the young man is still in the balance. When ask about the cost of a simple Will, the family attorney advised the family that he would have prepared a simple Will for less than $200. He mentioned that many companies have Pre-paid legal plans that offer simple and basic documents for less than $100. There are forms at office supply stores and yes even on the net.

No legal advice here friends. Just the simple request that you SPEND, yes spend the time and a maybe the price of weekend away to have a Will drawn up and let your family know that you have this document. While you may have debts, you have assets. Please make this your money resolution for November 2009. WILL you?