How to determine the best test cases in Arrange phase of Unit testing?

In Arrange phase of a unit test, tester should specifically initialize the objects and then use those objects. What comes to mind is the question that does any standard exist which helps testers to understand what parameters they should initialize their objects with?

For example in a test of Division method, all test cases you create will lead to a valid result but ZERO as divisor. It might happen that in different situation, tester won't be able to detect this specific exception. How to do best initializations?