To take control of your overall financial situation, you need to know exactly where you stand—particularly if you find yourself newly spouse-less—or if you're interested in developing a healthier financial future with the spouse you have.

To do that, you'll need to round up the following documents:

An up-to-date credit report Social Security card Insurance policies Birth certificate Stock certificates Brokerage account statements Bank statements Mortgage documents Deeds Will Retirement plan documents Employment contracts Loan and lease documents Partnership agreements Divorce agreements Funeral arrangements Death certificate Tax returns (4 years) Safe deposit box information

Then, you'll need to address the following:

Itemize your bills and your assets so you have a clear idea of your financial obligations and whether you have the cash or other assets to pay them. If cash is low, you may have to decide which bills you can pay and which you have to delay. Contact your creditors, explaining your situation, and be sure to always pay mortgages, health and property insurance, and utilities first.

Make sure your insurance needs are met. If you have no dependent children and no longer have a spouse, you may not need as much insurance. Conversely, if you are now the sole supporter of a child, you may have to carry more life insurance.

Consider taking out a disability policy on yourself if you don't already have one so that if you were unable to work you'd have money to support yourself and/or your child. If your spouse was the beneficiary on any of your insurance policies, you'll need to designate a new beneficiary.

Some financial issues, such as reviewing and making changes to your investments, can usually wait for a few months. If at all possible, these important decisions should not be made immediately after a death or divorce. Once you're ready, you'll want to create a net worth statement (a list of your assets and liabilities), and a budget, showing your expected income and expenses, and then assess your investment strategies. You may want to consult a financial professional (accountant or financial planner).

You will also find yourself faced with lifestyle decisions such as whether to move to a smaller house or apartment, move to a different town, return to school, or travel. Having a firm grip on your financial affairs will make all of these decisions and the transition to single life a little less painful.