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Patricia Barrett CPA

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You are here: Home / Archives for Blog

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

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

Is your spouse hiding assets, income or debt?

January 7, 2019 By Patricia Barrett

Is your spouse hiding assets, income or debt?

I If you are currently in a dysfunctional marriage, or considering divorce, you may be wondering if your spouse could be hiding assets, income or debts from you. Sadly, your fears are not that unusual. In fact, financial mischief is fairly widespread among couples today, even if they are not in the process of divorce.  According to a study conducted by The National Endowment for … [Read more...]

Filed Under: Blog, Divorce Planning, Divorce Planning, Financial Planning, Women's Issues for Divorce Tagged With: divorce finances, divorce financial planning, divorce in Texas, hidden assets in a divorce

Hiring the right financial expert to help with your divorce

December 14, 2018 By Patricia Barrett

Hiring the right financial expert to help with your divorce

Most couples seeking divorce are aware that they will likely require help from a divorce attorney. Fewer couples realize that as they enter the nuts-and-bolts of the divorce process, they will have many questions about the financial side of divorce. Questions such as: Who will pay for their children’s education and medical treatment?How do we calculate the value our assets?How should we divide … [Read more...]

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

Five proven benefits of gratitude — even if you are going through divorce

November 21, 2018 By Patricia Barrett

Five proven benefits of gratitude — even if you are going through divorce

Facing difficult life challenges, such as going through a divorce, may not seem like a logical time to be thankful. Yet studies have shown that cultivating gratitude, even when the chips are down, can have profound impact on our health -- for the better. Gratitude improves physical health. A 2012 study published in Personality and Individual Differences found that grateful people exercise … [Read more...]

Filed Under: Blog, Divorce Planning, Divorce Planning, Women's Issues for Divorce Tagged With: dealing with divorce, divorce in Texas, Divorce Planning, handling stress of divorce, preparing for divorce

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

Inside a non-litigation divorce process

October 5, 2018 By Patricia Barrett

Inside a non-litigation divorce process

In the past, divorce processes have been primarily adversarial in nature. In a typical divorce scenario, spouses each hire an attorney, and then a variety of expert consultants who advise them on finances and custody plans. This type of divorce can go on for many months or even years, driving up fees and increasing a couple's stress levels, anxiety and animosity. Children can get caught in the … [Read more...]

Filed Under: Articles, Blog, children and divorce, Collaborative Divorce in Texas, Divorce Mediation, Divorce Planning, Divorce Planning, Financial Planning Tagged With: certified divorce financial analyst, early intervention mediation, mediation, non-litigated divorce, Texas divorce

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From Our Blog

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

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 … [Read More...]

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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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