01 Jan I’m planning a divorce but my husband controls the money

Q. I’m planning to file for divorce after the holidays. My husband doesn’t know. He controls the money in the family and I don’t know what we have or where. I have one credit card and he pays it, and he gives me cash from his business each week. I haven’t been able to hide money to plan and I know he’s going to be furious. What are my rights?

— Planning

A. The decision to divorce is huge, and it will impact every part of your life. And if you’re not savvy with money matters or involved in the family finances, you’re going to need some help.

Consider assembling a team of professionals that can represent your interests and educate you to make the proper decisions.

“Among the professionals, you will need an attorney – one that specializes in family law matters since there are many nuances in this area that they will be well versed in,” said Jody D’Agostini, a certified financial planner with AXA Advisors/The Falcon Financial Group in Morristown.

“The lawyer can explain various ways to divorce – be it mediation, litigation, arbitration or collaborative divorce – and can explain the rights you have available with each process,” she said.

D’Agostini recommends you hire a financial professional with a focus in divorce financial planning such as an individual with the Certified Divorce Financial Analyst (CDFA) designation.

This type of financial professional has done the coursework to help you understand the tax and financial implications of decisions that you will be making and can work with your attorney. He or she will educate you on financial matters and help guide you as to what is financially possible going forward such as living arrangements, cash flow, retirement, educational goals and more, D’Agostini said.

“This is often the largest financial transaction that you will ever make, so going ahead with full understanding and with a new financial plan is important,” D’Agostini said.

Those you hire will also help you decide whether it is prudent to keep the marital home, which assets you should keep, and whether you are on track for any educational and retirement goals that you have, she said. Also, they will help you understand any tax ramifications of decisions that you will be making, she said.

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This story was originally published on Jan. 1, 2020.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.