In most marriages, one spouse takes the primary role in handling family finances — let’s call them the “FCS,” or Financially Controlling Spouse. The role of the FCS goes beyond paying bills and balancing the checkbook. The FCS also controls retirement planning, savings, investments, insurance, borrowings and spending.
During a divorce, the spouse that did not actively participate in this role, let’s call them the Non-Controlling Spouse, or “NCS,” has a lot to learn in a short amount of time. Most NCSs haven’t been informed about most of the financial aspects of their marriage. They may not even know how much money the FCS earns, or if they have enough saved for retirement, or whether they have the right mix of stocks and bonds, or whether they have enough insurance — health, disability income, long-term care or life insurance. Generally, during the divorce process an NCS relies on their attorney and/or their accountant to help them navigate through this financial maze.
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