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Patricia Barrett CFP CDFA

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You are here: Home / Archives for Articles / Financial Planning Articles

Divorce Financial Planning

Financial planning can be complex and difficult under the best of circumstances. Financial planning in the context of a divorce represents a different level of complexity. These are the times when having the support and guidance of an experienced Certified financial planner can be invaluable.

The list of things that you might have to consider is extensive. Consider whether any of these items are pertinent to your case:

  • Child support
  • Alimony
  • Separate property (inheritances or pre-marriage assets)
  • Budgeting
  • Executive benefits (stock options, restricted stock, bonuses)
  • Can you afford to retain the home?
  • College expenses
  • Debt payments
  • Small business owned by you or your spouse
  • Medical insurance to provide post-divorce coverage
  • Tax effects of the divorce
  • Right to spouse's social security
  • Right to spouse's pension

Are you prepared to address this list of issues without professional help?

We offer recommendations in our extensive list of articles for your review. Use the search box to find topics. When you are prepared to begin work and want to talk about your situation, give us a call and let us help you through this time!

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

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

Long-term care insurance and divorce

September 17, 2019 By Patricia Barrett

Long-term care insurance and divorce

Being financially prepared for the possibility that you could require long-term care is an important part of retirement planning. Yet, too many people hope for the best and don’t give this much thought. Our rapidly aging population, lengthening longevity and unpredictable health care costs highlight the need for long-term care insurance. So, couples getting a divorce, especially those approaching … [Read more...]

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

Focus on your finances in a divorce

June 24, 2019 By Patricia Barrett

Focus on your finances in a divorce

Most couples seeking divorce readily concede their need for legal assistance in this matter. Far fewer, however, realize just how much they may benefit from the expertise of a qualified financial expert, such as a Certified Divorce Financial Analyst. With today’s complex financial landscape, and ever-changing divorce and tax laws, neglecting the finer points of divorce finances is a blunder you … [Read more...]

Filed Under: Blog, Financial Planning, Financial Planning Articles Tagged With: divorce finances, divorce financial planning

What happens to the family home in a divorce?

May 24, 2019 By Patricia Barrett

What happens to the family home in a divorce?

The question of what happens to “the house” in a divorce is often one that requires careful consideration. In my experience, this issue is often clouded by emotions that can get in the way of the couple, or one spouse, making the best financial decision. I advise my clients to pause, set aside emotions and objectively consider all the significant, interrelated factors before deciding on what … [Read more...]

Filed Under: Articles, Blog, Divorce Planning, Divorce Planning, Financial Planning, Financial Planning Articles, Women's Issues for Divorce Tagged With: divorce finances, divorce financial analyst, divorce financial planning, divorce in Texas, divorce settlements

The ABCs of QDROs (Qualified Domestic Relations Orders) in a divorce

March 22, 2019 By Patricia Barrett

The ABCs of QDROs (Qualified Domestic Relations Orders) in a divorce

If you and your spouse are considering, or are in the process of divorce, and one or both of you has a corporate benefits or civil service, 401(k) savings and/or pension plan, part of the division of marital assets will likely involve the drafting of a QDRO, or Qualified Domestic Relations Order.  QDROs are documents mandated by federal law under ERISA (Employee Retirement Income Security … [Read more...]

Filed Under: Articles, Blog, Financial Planning, Financial Planning Articles Tagged With: divorce and retirement, divorce finances, divorce financial planning, divorce in Texas, divorce settlements, QDROs, Qualified Domestic Relations ORders

What you may not know about divorce and debt

February 28, 2019 By Patricia Barrett

What you may not know about divorce and debt

The financial aspects of a divorce case involve multiple, interrelated components. All eyes are typically on the couple’s assets and how to equitably divide them in a settlement. Yet, in my view, one area of a couple's financial landscape that warrants equally close consideration during divorce is the couple’s debt.  Get a credit report on yourself and your spouse I recommend ordering a … [Read more...]

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

What is an equitable divorce settlement?

January 28, 2019 By Patricia Barrett

What is an equitable divorce settlement?

I am often asked to help divorcing individuals and couples determine how to equitably divide their marital estate. This may seem to be cut-and-dry, but it rarely is. For one, many people believe that the court will automatically divide a couple's assets 50/50 in a divorce. This a myth. The Texas Family Code (the laws on divorce) uses the words “just and right” when dividing community assets … [Read more...]

Filed Under: Articles, Blog, Divorce Planning, Divorce Planning, Financial Planning, Financial Planning Articles

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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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