Divorce is an emotional trial — but it’s also a financial one.

According to a 2012 report by the U.S. Government Accountability Office, divorce or separation led to a 41% drop in income for women and a 23% drop for men.

Though data from the Centers for Disease Control and Prevention show that the divorce rate has been trending down, most people need only look around their social circle to see that splits are still a common fate. It’s a life-changing event, but it doesn’t have to ruin your finances — or your retirement. Here’s how to protect your financial future if your knot comes untied.

Take stock of your cash flows

Having some idea of how money comes into and goes out of your bank account is always a good idea, whether a divorce is on the horizon or not. But this kind of information is especially important when you’re about to split up. You need to know not just where your money comes from — how much you partner earns and how much you earn — but also what your expenses are.