You could use the logging module:
import logging
logging.basicConfig(filename="/tmp/myapp.log", level=logging.DEBUG,
format="%(asctime)s %(levelname)s %(name)s %(message)s")
logger=logging.getLogger(__name__)
try:
1/0
except ZeroDivisionError as err:
logger.error(err)
Running the script writes in /tmp/myapp.log:
% cat /tmp/myapp.log
2010-08-01 17:50:45,960 ERROR __main__ integer division or modulo by zero