On July 9, 2014, the Collaborative Divorce Association of North Jersey was honored to have one of its members and past board member, Hubert Klein, CPA/ABV/CFF, CVA, CFE, give his presentation, “Guiding Clients: Financial Aspects of Divorce.” His presentation included collaborative divorce, mediation and litigation.  Hubert offered a detailed review of the process of filing the complain, the response and management aspects of the divorce process.  During a marriage couples accumulate a lot of financial personal date.  An informative handout provided a detailed list of what each spouse should obtain to get a total picture of the marital estate.

Suggestions were offered on how a financial expert helps the parties sift through the maze of information.  He clarified the actual role of the financial expert.  Major areas in which the financial expert can assist are:

*  Gather documents
*  Prepare a current budget
*  Prepare a personal balance sheet
*  Help the client plan and understand current and future
financial obligations
*  Understand the after-tax value of assets available for
equitable distribution
*  Help client understand the tax implications of various
transfers and its implication on liquidity
*  After the divorce, many things need to be taken care of,
such as retitling of assets, facilitate the transfer of IRA’s,
review and update Wills and beneficiaries

A second handout “Seven Financial Mistakes” was offered.

Collaborative members appreciated this excellent educational opportunity .

Walter Loeffer, CPA/ABV, CFF, CVA