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
* Understand the after-tax value of assets available for
* 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