Money issues can ruin a marriage.

About 38 per cent of married couples in Canada will divorce by their 30th wedding anniversary, Statistics Canada estimates.

What is the number one source of friction between couples? Money.

"Unfortunately, money is often at the root of marital problems and the key issue of contention within a divorce," says Dennis Tew, chief financial officer of Franklin Templeton Investments Corp. "Planning ahead can limit the financial toll and the heartache."

If your marriage is on the rocks, it makes sense to prepare yourself financially for life on your own and take the emotion out of the equation.

Yours, mine and ours

Everything acquired during your marriage is subject to division. Similarly, both partners are responsible for any debts acquired during the marriage. Assets and debts are considered community property and are generally split down the middle.

Review joint bank accounts and credit cards. If your marriage is ending, it may make sense to divide assets into separate accounts and cancel shared credit cards. A financial advisor can help you with this. More information on finding an advisor is available online at .

Home sweet home?

The family home is typically the biggest financial asset at stake during a divorce. Ensure that mortgage payments and outstanding household bills are covered.

A divorce budget

Get your financial details down on paper. Divide your finances into three sections: fixed costs like taxes and regular bills; variable costs that include travel and entertainment; and finally, savings such as your pension, RRSPs and emergency funds. Once completed, do the same financial exercise for your spouse.

This task will give you a great sense of the resources you have at your disposal to weather the storm ahead. In addition, the more work you do before meeting with a lawyer, the more time and money you will save.