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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!

Dividing pensions in a divorce may require special financial assistance

November 9, 2018 By Patricia Barrett

Dividing pensions in a divorce may require special financial assistance

If you and your spouse are considering, or are in the process of divorce, and one or both of you has a corporate or civil service pension, know that all pensions are not created equal. This fact is extremely important to understand as you proceed toward an equitable division of your marital estate. In dividing pension benefits in a divorce, your attorney will be required to create a QDRO … [Read more...]

Filed Under: Blog, Divorce Planning, Divorce Planning, Financial Planning, Financial Planning Articles Tagged With: certified divorce financial analyst, dividing pensions in divorce, divorce finances, divorce financial planning, divorce in Texas, preparing for divorce

Don’t forget these marital assets in your divorce

September 11, 2018 By Patricia Barrett

Don’t forget these marital assets in your divorce

Often, many of the women I work with on their divorce finances know very little, sometimes nothing, about their marital assets (or liabilities for that matter). This is gradually changing, but surprisingly, still exists. Maybe the husband has simply kept the information largely to himself, or the wife doesn't feel she understands finances like she should, so leaves it up to her spouse, or she … [Read more...]

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

Divorce and employer bonuses

August 20, 2018 By Patricia Barrett

Divorce and employer bonuses

An often overlooked asset that should be legally divided in a divorce settlement is the company or employer bonus. Many attorneys forget to address the community nature of such bonuses. Even if they are paid in the year following divorce, company bonuses are partially community property. Bonuses are paid for the preceding year’s services or performance. The settlement agreement or divorce … [Read more...]

Filed Under: Articles, Blog, Divorce Planning, Divorce Planning, Estate Planning, Financial Planning, Financial Planning Articles, Women's Issues for Divorce Tagged With: certified divorce financial analyst, divorce finances, divorce financial planning, divorce in Texas, Divorce Planning, employer bonuses and divorce

Preparing financially for divorce will help avoid costly pitfalls

August 8, 2018 By Patricia Barrett

Preparing financially for divorce will help avoid costly pitfalls

Doing your financial homework before you file for divorce can help you avoid a host of potentially costly pitfalls. Learn all you can about the divorce laws in your state and consider engaging a team of experts to get you through. The timing your divorce may also play a role in the financial outcome of your divorce. Meeting with a Certified Divorce Financial Analyst, such as myself, also can … [Read more...]

Filed Under: Articles, Blog, Divorce Planning, Divorce Planning, Financial Planning, Financial Planning Articles, Uncategorized Tagged With: dividing pensions in divorce, divorce and insurance, divorce and retirement, divorce and tax laws, divorce finances, divorce financial planning, divorce in Texas

The special needs child and divorce

July 18, 2018 By Patricia Barrett

The special needs child and divorce

While all children need the continued support and care of parents, children with special needs require unique consideration during and after a divorce. The financial support allotted to a child post-divorce is usually determined according to  the family code of each state. Such support for a special needs child can be adjusted based on the unique needs of the child in question. Adjustments … [Read more...]

Filed Under: Articles, Blog, children and divorce, Divorce Planning, Divorce Planning, Financial Planning Articles Tagged With: certified divorce financial analyst, children and divorce, children and divorce in Texas, divorce financial planning, Texas divorce, Texas divorce law

Ten facts about divorce that may surprise you

June 29, 2018 By Patricia Barrett

Ten facts about divorce that may surprise you

Myths about divorce abound. For one thing, divorce laws vary from state to state. So, quite often, people are confused due to what they have heard about celebrity divorces, or a friend or family member's divorce in another state. To help bridge this knowledge gap, I have compiled a list of ten facts about divorce that may surprise you. You may be responsible for debts incurred by your spouse … [Read more...]

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

Buying a house together before marriage

June 18, 2018 By Patricia Barrett

Buying a house together before marriage

If you are beginning a new chapter in your life with a new partner, managing money may be the last thing on your mind. But it should be one of the first things you both consider as you begin to direct your separate finances into a mutual plan for the future. For example, buying a house together before getting married may seem like a good idea, yet there are pros and cons to consider. Buying a … [Read more...]

Filed Under: Blog, Estate Planning, Financial Planning, Financial Planning Articles Tagged With: Buying a house before marriage, financial planning, financial planning before marriage, premarital financial planning

Social Security benefits and divorce

June 1, 2018 By Patricia Barrett

Social Security benefits and divorce

Decisions about filing for Social Security benefits will affect you financially for the rest of your life. And if you have gotten divorced in the past, you may qualify to receive Social Security on the work record of your ex-spouse. However, you must meet several requirements for qualifying to receive these benefits. You also must consider at what age to start taking those benefits. Here are … [Read more...]

Filed Under: Blog, Divorce Planning, Divorce Planning, Estate Planning, Financial Planning, Financial Planning Articles Tagged With: divorce and retirement, divorce and Social Security, divorce finances, divorce financial planning, Divorce Planning

Divorce and long-term care insurance

May 18, 2018 By Patricia Barrett

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, Divorce Planning, Divorce Planning, Estate Planning, Financial Planning, Financial Planning Articles, Women's Issues for Divorce Tagged With: divorce and insurance, divorce and retirement, divorce finances, divorce in Texas, divorce settlement, Houston divorce, preparing for divorce

Divorce and Company Bonuses

May 7, 2018 By Patricia Barrett

Divorce and Company Bonuses

An often overlooked community property asset to be equitably divided in a Texas divorce settlement is any company or employer bonus given to one or both of the spouses involved in a divorce. Sometimes attorneys fail to address the community nature of bonuses. Or, they forget to ask if either spouse typically receives, or is expected to receive, an annual or other type of bonus as part of his or … [Read more...]

Filed Under: Divorce Mediation, Divorce Planning, Financial Planning, Financial Planning Articles Tagged With: community property, company bonuses in a divorce, divorce financial planning, divorce mediation, divorce settlement, Houston divorce, Texas divorce

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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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