It's important to have a firm grasp of your short-and long-term living expenses. To find out how much money you need to maintain your lifestyle, you can review your checkbook, credit-card records, bank statements, loans, and mortgage payments.

Identify all the costs that are essential -- food, shelter, transportation, healthcare -- and total those amounts. Then figure out the percentage of those expenses that your income covers and the percentage that comes from various other sources.

While it can be a little frightening for people to realize how threatened their financial security would be if their income was suddenly cut in half or if their expenses doubled overnight, it can -- and does -- happen.

You should know which of your accounts are in your name alone, and which, if any, you hold jointly with your partner. You should also look at your pension plans -- and your spouse's pension as well, if you're married -- and your retirement investments. When will you have access to those funds? What amount can you expect them to provide?

It's a good idea to know what your health and insurance plans cover in case of an emergency, and whether you need authorization to get emergency treatment. Also be sure you know where copies of life insurance policies are and whom you must call to file a claim.

Finally, you and your partner should both know where all your legal documents are, and how to access them. That can include your keys or codes for a lock-box or safe, your household computer passwords, and locations of all your bank, retirement, and investment accounts.

Once you have a grasp on your current situation, you'll be ready if you hit a bump in the road. No matter what you might face, having money set aside during these rocky times will be essential.

For instance, what if the furnace in your home has to be replaced, or the roof of your house springs a major leak? Or what if you're facing a more long-term challenge such as providing for a disabled child?

One thing you can and should do is build your own emergency fund. Financial advisers encourage people to set aside a minimum of three to six months' worth of income in a readily accessible account, which you can tap into when you have unforeseen expenses. These expenses may be large, such as funding your elderly relative's healthcare or putting some extra cash into your small business. Or some might be smaller, like replacing your car's transmission or buying a new refrigerator.

You and your financial adviser can decide where it's best to park that money, whether it's in a relatively risk-free money market fund, U.S. Treasury bills, or a savings account at your bank.