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Patricia Barrett CFP CDFA

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

THE TRUE COST OF A DIVORCE

June 4, 2021 By Patricia Barrett

If you are considering a divorce, you may be ecstatic, scared, relieved or miserable, depending on the circumstances and your own outlook. One thing for sure though, is that the divorce is going to cost quite a bit of money. The more your net worth, typically, the more expensive the divorce. The more attorneys are involved, the higher the cost. For the affluent, the cost is usually $50,000 to a … [Read more...]

Filed Under: Financial Planning, Uncategorized

TAXES & DIVORCE Part 1 Minimizing Taxes

March 3, 2021 By Patricia Barrett

Divorce brings a new tax bracket, new filing status and, possibly, valuable tax credits. Let’s start with some basics. The tax reform in 2017 did away with any deduction for personal exemptions. This was mostly compensated by greater standard deductions. The current standard deductions for each filing status are: $12,550 Single$18,880 Head of Household$25,100 Married The “Head of Household” … [Read more...]

Filed Under: Financial 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

During COVID-19, divorcing couples turn to Early Intervention Mediation

May 19, 2020 By Patricia Barrett

During COVID-19, divorcing couples turn to Early Intervention Mediation

As we continue to grapple with the COVID-19 pandemic and its grip on our nation, couples facing divorce have hit a road block as many family courts have been closed during the lockdown.  While Texas family courts are just beginning to open up electronically, cases in the queue are backing up rapidly. In addition, family law firms and staffs are still scrambling to stay operational during the … [Read more...]

Filed Under: Blog, Financial Planning, Uncategorized Tagged With: divorce financial planning, divorce mediation, early intervention mediation, I want a divorce, Texas divorce mediation

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

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

Finding hidden assets and debts in a divorce isn’t as spooky as you think

October 29, 2019 By Patricia Barrett

Finding hidden assets and debts in a divorce isn’t as spooky as you think

I am often asked to help divorcing individuals track down potential assets or debts of their spouses during a divorce. It can be an arduous job, sifting through piles of paper -- pouring over bank statements, credit cards bills, and tax records. In the past, I have had to rely primarily on traditional tools-of-the-trade and my own experience in order to sniff out hidden monies or debts, … [Read more...]

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

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

October 10, 2019 By Patricia Barrett

Dividing 401(k) savings, corporate benefit 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 a corporate benefits or civil service, 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.  QDROs are documents mandated by federal law under ERISA (Employee Retirement Income Security Act) … [Read more...]

Filed Under: Blog, Financial Planning Tagged With: dividing 401(k)s in divorce, dividing pensions in divorce, divorce finances, divorce financial planning, divorce in Texas

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From Our Blog

Protecting the Children

How Do I Protect My Children? A simple will is not sufficient if you have minor children. If you leave your property outright to your minor children, a guardian will need to be appointed. That is … [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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