Lifetime Planning

Patricia Barrett CFP CDFA

832-858-0099

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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!

Should you buy a house before the divorce is final?

April 12, 2018 By Patricia Barrett

Most of us don’t have the option of buying a home during the process of divorce due to financial constraints. But while a fortunate few may have the resources to afford the down payment, mortgage payments, property taxes and upkeep, careful thought should still be given to this idea. Going through a divorce is highly stressful.  You are likely experiencing a wide variety of emotions right now, … [Read more...]

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

How to prepare for divorce mediation

February 28, 2018 By Patricia Barrett

The use of mediation as an alternative to the courtroom has become increasingly popular, especially in the divorce process. It’s affordable, confidential and achieves results. In last month's blog post, I wrote about the many faces of divorce mediation for Houston area couples. Mediation, in one form or another, is now an integral part of most divorces in Texas and many other states. Some … [Read more...]

Filed Under: Divorce Mediation, Divorce Planning, Divorce Planning, Financial Planning Articles Tagged With: divorce financial planning, divorce mediation, Divorce Planning, marital assets, mediation preparation

The devil is in the details of the new tax law for divorcing couples

January 19, 2018 By Patricia Barrett

Let me just say, it pays to know how the new tax law may impact your divorce this year! Much of the new law, (the "Tax Cuts and Jobs Act"), which both houses of Congress passed on Dec. 20, 2017, goes into effect in 2019. Yet, based on how these laws could impact your divorce in 2019, you may benefit from getting your divorce completed in 2018. There are also some changes that take effect this … [Read more...]

Filed Under: Blog, Divorce Mediation, Divorce Planning, Divorce Planning, Financial Planning, Financial Planning Articles, Women's Issues for Divorce Tagged With: divorce finances, divorce financial planning, New tax laws and divorce

New tax law may impact your divorce in 2018

January 5, 2018 By Patricia Barrett

The ink is barely dry on the "Tax Cuts and Jobs Act" which both houses of Congress passed on Dec. 20, 2017,  yet, accountants are scrambling to figure out how the 500-page law will affect their clients this year. Most can't believe this complicated and confusing law is effective immediately. "We don't have a year to figure it out," said one notable tax expert. And some are warning the new law … [Read more...]

Filed Under: Divorce Planning, Divorce Planning, Financial Planning, Financial Planning Articles Tagged With: alimony and divorce in 2018, alimony in Texas, divorce and tax laws, divorce finance, divorce finances, divorce financial planning, divorce in 2018, divorce in Texas, New tax laws and divorce, preparing for divorce

Facing divorce? Don’t dread the holidays — prepare instead

December 12, 2017 By Patricia Barrett

If you are considering divorce in 2018, you are probably dreading the approaching holidays. Let's face it, no one wants to acknowledge marital discord when the theme is "joy" and "good cheer." As the New Year approaches, consider focusing now on preparation and planning for what lies ahead. Here are some steps you can take during the holidays that will lay the ground work for a more productive … [Read more...]

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

Four Ways to Get Divorced, Part 2 — Early Intervention or Cooperative Divorce Mediation

October 24, 2017 By Patricia Barrett

Traditional divorce and child custody processes are predominately adversarial in nature. In a typical "war-of-the-roses" divorce scenario, spouses each hire an attorney, and then a variety of expert consultants enter the fray on both sides to produce "dueling" business evaluations, financial analyses and/or custody evaluations. This type of divorce can go on for many months or even years, … [Read more...]

Filed Under: Divorce Mediation, Divorce Planning, Divorce Planning, Financial Planning, Financial Planning Articles Tagged With: cooperative divorce, divorce, divorce financial planning, divorce mediation, Divorce Planning

Four Ways to Get a Divorce, Part 1

October 12, 2017 By Patricia Barrett

Once you have decided to get a divorce, another very important decision awaits you and your spouse: which path are you going to take to secure that divorce? This may surprise you, but in Texas, you have a choice in how you get divorced. However, how you get divorced can be more important, or at least just as important, as your decision to seek divorce in the first place. So, I will be outlining … [Read more...]

Filed Under: Divorce Planning, Divorce Planning, Financial Planning Articles Tagged With: do-it-yourself divorce, informal divorce agreements, Ways to get divorced

What happens to the family home in a divorce?

September 20, 2017 By Patricia Barrett

The question of what happens to the house in a divorce 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 clients to set aside emotions and consider all the significant, interrelated factors before they decide on what happens to the house. Consider the … [Read more...]

Filed Under: Articles, Divorce Planning, Divorce Planning, Financial Planning Articles, Women's Issues for Divorce

Research and reflect on divorce before you file

August 17, 2017 By Patricia Barrett

Still considering divorce, but not yet ready to file? In my experience, the most prepared couples who divorce, have reflected on the decision over many months or even years.  So, if you find yourself thinking about divorce, know that you are not alone. Yet, also realize that being stuck in between is nowhere to be either. Here are some questions from a psychotherapist to ask yourself if you are … [Read more...]

Filed Under: Divorce Planning, Divorce Planning, Financial Planning, Financial Planning Articles Tagged With: divorce finances, Divorce Planning, divorce process, filing for divorce

Watch for “Sudden Income Deficit Syndrome” if your soon-to-be Ex owns a business

August 6, 2017 By Patricia Barrett

My experience working with divorcing couples has taught me a few things. For one, I expect each spouse to focus on his and her own financial self-preservation, which is understandable. Quite often, though, the husband transitions into this mind-set long before the wife does -- sometimes even before the divorce papers have been filed. This can and does leave many women vulnerable to some financial … [Read more...]

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

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Disclaimer

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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