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Patricia Barrett CPA

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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

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

Social Security and divorce

September 3, 2019 By Patricia Barrett

Social Security 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, or are preparing for divorce now, you may qualify to receive Social Security on the work record of your ex-spouse, and later on your own work record, if you qualify under the current rules of choosing which benefits to file for and when. You must … [Read more...]

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

Unraveling commingled marital assets in a divorce

August 28, 2019 By Patricia Barrett

Unraveling commingled marital assets in a divorce

Often, couples who decide to divorce after many years of marriage discover their “separate property” and “community property” has become “commingled.” In other words, they don’t know how to determine where “separate property” and “community property” begins and ends with regard to their finances. This issue can be very important in a divorce because “separate property” will be completely free of … [Read more...]

Filed Under: Blog, Financial Planning Tagged With: certified divorce financial analyst, divorce financial analyst, divorce financial planner, divorce financial planning, separate property, tracing assets in a divorce

A closer look at Early Intervention Mediation

August 6, 2019 By Patricia Barrett

A closer look at Early Intervention Mediation

Traditional divorce, as most people know it, is inherently adversarial in nature. In a typical "war-of-the-roses" scenario, spouses each hire an attorney and then they battle it out until some sort of agreement is reached.  This type of divorce can go on for many months or even years. Consultants of all kinds may be called in by both sides for “expert” opinions, reviews, depositions and … [Read more...]

Filed Under: Articles, Blog, Divorce Mediation, Financial Planning Tagged With: certified divorce financial analyst, cooperative divorce mediation, divorce financial planning, early intervention mediation, Texas divorce

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

Don’t fight over pots and pans

May 4, 2019 By Patricia Barrett

Don’t fight over pots and pans

As a Certified Divorce Financial Analyst, I consider my primary focus to be one of helping divorcing individuals and couples sort out and divide the marital estate in an equitable manner. This typically requires gathering all financial documents and statements with regard to all assets and debts. This includes the couple’s savings accounts, retirement accounts, credit card statements, brokerage … [Read more...]

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

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

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From Our Blog

Don’t fight over pots and pans

Don’t fight over pots and pans

As a Certified Divorce Financial Analyst, I consider my primary focus to be one of helping divorcing individuals and couples sort out and divide the marital estate in an equitable manner. This … [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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