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Patricia Barrett CFP CDFA

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You are here: Home / Archives for Articles

Separating Emotions from Business

February 21, 2023 By Patricia Barrett

Most people would agree that getting a divorce may cause uncertainty and pain. But couples who separate the emotional from the business aspects of divorce will have financial security and far less anxiety. Since you are searching for help, you have already taken an important big step toward achieving that goal. Developing the ability to review assets analytically remains key to your successful … [Read more...]

Filed Under: Blog, Divorce Planning, Divorce Planning

Divorce insurance for the happily married

September 30, 2022 By Patricia Barrett

Whether you acknowledge that any marriage can end in divorce, the possibility exists. I can't tell you how many clients tell me they never saw divorce coming. Then, we find out together, they are not very well prepared for the divorce process with regard to their finances. Think about it this way. No one wants to face the possibility that your home could burn down, or that you could get into a … [Read more...]

Filed Under: Divorce Planning

How a Certified Divorce Financial Analyst can help you

June 30, 2020 By Patricia Barrett

How a Certified Divorce Financial Analyst can help you

It’s often difficult for individuals and couples to fully understand how a Certified Divorce Financial Analyst (CDFA) can assist them in their divorce process. So, I am developing a series of case studies that illustrate how I’ve helped my clients achieve their goals and reach a divorce settlement they are satisfied with.  This divorce case included a prenup, lots of separate property … [Read more...]

Filed Under: Blog, Financial Planning, Financial Planning Articles, Women's Issues for Divorce Tagged With: bonuses and divorce, divorce finances, divorce financial planning, divorce in Texas, divorce prenups, executive compensation benefits and divorce, stock options and divorce, tracing financial accounts in divorces

“Can I be reimbursed for money my spouse wasted during our marriage?”

June 18, 2020 By Patricia Barrett

“Can I be reimbursed for money my spouse wasted during our marriage?”

In a divorce, identifying, calculating and dividing property and assets can get very complex. Clients often ask me if they can be reimbursed in the divorce settlement for specific unusual, community spending during the marriage, or “waste,” by their soon-to-be-spouse.  In Texas, a law was passed in 2011 to help innocent spouses “reconstitute the community estate” if the … [Read more...]

Filed Under: Blog, Divorce Planning, Financial Planning Tagged With: divorce finances, divorce financial planning, divorce in Texas, reconstitute the community estate, recovering waste spending in a divorce

Frequently Asked Questions About Divorce Financial Planning

May 11, 2020 By Patricia Barrett

Q: Am I responsible for my spouse’s debts even when I had nothing to do with the charges?  A: Debts from before marriage are a person’s separate debt and you wouldn’t be liable; however, if the debt was incurred during the marriage in order to provide necessities like clothing, food, etc. then you too are liable. Read more on divorce and debt, here. Q: Is my IRA community property even though it … [Read more...]

Filed Under: Articles, Divorce FAQs Tagged With: divorce finances, divorce financial analyst, divorce financial planning, divorce in Texas

Facing divorce during COVID-19 (CoronaVirus)? Don’t despair; prepare

April 8, 2020 By Patricia Barrett

Facing divorce during COVID-19 (CoronaVirus)? Don’t despair; prepare

If you were considering divorce in 2020, you may be like many other women now: up to your neck in dealing with COVID-19 (CoronaVirus) in your personal life, and in your work life. You also may be sheltering-in-place with a partner you’d rather not see day-in and day-out. Know that you are not alone! Here are some steps you can take during the stay-at-home mandates that will lay the … [Read more...]

Filed Under: Blog, Divorce Planning, Financial Planning Tagged With: COVID-19 and divorce, divorce and CoronaVirus, divorce financial planning, I want a divorce, Texas divorce

Spousal and Child Support During Divorce

March 2, 2020 By Patricia Barrett

Dealing with the Spouse  It is especially important to be business-like with your spouse, since emotions can interfere with negotiations. Don’t let old battles rekindle. Refuse to continue a meeting that degenerates into a battle. While you want to be clear about what is important to you, try not to make your demands excessive. Never use your children as a pawn to hurt the spouse or draw … [Read more...]

Filed Under: Articles, Blog, children and divorce, Divorce Planning, Divorce Planning, Financial Planning

Address health insurance in divorce settlement

February 5, 2020 By Patricia Barrett

Address health insurance in divorce settlement

Health insurance is the most important kind of insurance coverage a person carries. There are more bankruptcies because of medical bills than from any other cause.   This is an extremely important financial issue for couples facing divorce. Securing health insurance coverage for both spouses, and any children, is clearly something that should be included in a divorce … [Read more...]

Filed Under: Blog, Financial Planning Articles, Women's Issues for Divorce Tagged With: divorce financial planning, divorce in Texas, Divorce Planning, divorce settlement, health insurance and divorce

Dividing 401(k) savings, corporate benefits and pension funds in a divorce

December 11, 2019 By Patricia Barrett

Dividing 401(k) savings, corporate benefits and pension funds in a divorce

If you and your spouse are considering, or are in the process of divorce, and one or both of you has corporate or civil service benefits, or a 401(k) savings and/or pension plan, part of the division of these marital assets will involve the drafting of a QDRO, or Qualified Domestic Relations Order. It is important that you understand how this works. QDROs are documents mandated by federal law … [Read more...]

Filed Under: Blog, Divorce Planning, Financial Planning, Financial Planning Articles Tagged With: divorce finances, divorce financial analyst, divorce financial planning, divorce in Texas, divorce settlement

Divorce and a closely held or small business

October 4, 2019 By Patricia Barrett

Divorce and a closely held or small business

Divorce is challenging enough in itself, yet getting to a final settlement can be further complicated if one or both spouses have an ownership interest in a closely held, private or small business. In these cases, the business may be a significant source of income for the family, as well as a potential asset subject to division.  The first step is to determine whether the business interest … [Read more...]

Filed Under: Blog, Financial Planning, Financial Planning Articles Tagged With: divorce financial planning, divorce in Texas, divorce law in Texas

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From Our Blog

How to Divorce The Right Way

From the Wall Street Journal Avoid the legal arms race because it will hurt both of you. As you negotiate a settlement, every dollar of legal costs incurred likely means 50 cents out of your pocket. … [Read More...]

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Information provided in this website is not meant to be construed as legal advice and does not necessarily predict decisions that will eventually be made by a court of law. It is strongly recommended that you consult competent legal advice if your divorce includes children or property issues.

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