You can create Facebook lists and use them for added privacy when posting sensitive content.
By categorizing your Facebook friends in lists you control who sees your family pictures and status rants and/or your party pictures and business notifications; yet remember it's good practice to think of all posted information as public.
Below are instructions on how to create a list within Facebook and use it to adjust your privacy settings.
Creating a Facebook List
After you have logged into Facebook, click the "Home" button at the upper right corner of your screen. Within the left column you will see a category called "Friends" - hover directly to the right of "Friends" and the word "More" will pop up, click it.
If you haven't created any Facebook Friend Lists so far, you will see a few lists that are automatically generated by Facebook. One of them will be "Close Friends", click on it.
Click on "Manage List" at the top right. You can add and delete people on the list by clicking "Edit List". You can also change the name of the list from this option. (Unfortunately, you are not able to change the name of Facebook's automatically generated lists - but, you will be able to modify lists that you have created.)
The "Manage List" button is also where you can choose which updates are shown on the list's news feed which you see in the middle of the current page.
Click on "Notifications" to turn list notifications on or off. Please note that if you choose "On" you will get a notification every time someone on this list updates their profile, uploads a photo and/or any other activity that you have choose to show on the list's news feed.
Ok, now you know the basics, follow directions in paragraph one and click on "Create List", name your list and add a few of your friends, then click "Create". (Don't worry your friends won't know they have been added to a list and all your lists are private.)
Go to your profile by clicking on your name at the upper right of your screen. Click on "What's on your mind?" below your profile picture. Click on the button directly to the left of the blue "Post" button. This button will be labeled according to your current privacy settings. Click "Custom".
"Make this visible to" section: From the drop down menu choose "Specific People or Lists". In the box below "Specific People or Lists" start typing your new list's name. Once you hit "Save" and "Post" this specific status update will only show to your new list.
Type your list's name in the box. Once you hit "Save" and "Post" your status update will be hidden from your new list. The status update will be visible to the people you selected in the "Make this visible to" section.
Other Privacy Settings
Do the same process for photo albums, privacy settings (i.e. How you Connect, Timeline & Tagging), about me section, relationship status, etc.