Divorce Consulting - Re-creating A Financial Vision for The Future

Divorce Consulting - Re-creating A Financial Vision for The Future October 27, 2011 Presented by Gregory J. Ksicinski, CPA/ABV MST

Divorce Consulting Introduction to Divorce Consulting Why Would You Want to Get Involved? Marriage and Divorce Statistics Services Able to Be Offered Planning Throughout the Process Post-Divorce

Process Options Pro se – the parties only High percentage of cases in Milwaukee and Waukesha Litigation – two attorneys Formal process; can be very costly

Process Options Mediation – can be with attorneys or without attorneys No legal representation, only legal information is shared – no advice. One attorney may be drafter of documents Cooperation – two attorneys Agreement to “cooperate” to achieve settlement without litigation

Collaborative - two attorneys, mental health coaches, financial neutral, child specialist Formal agreement that all professionals will not continue if agreement is not reached Most respectful process; full disclosure is part of process Would seem to be expensive but actually often can cost much less than litigation options Process Options

Issues To Be Decided Placement of children Placement and Custody Issues Guardian ad litem Property division Valuation Issues –Fair Market Value Standard –Tax Affecting Tax Issues/Concerns Equalization presumption

Child Support & Maintenance Income for Support –Gross Income (DCF 150) Child Support Percentages –Fixed percentages –High Income payers –Shared Placement –Split Placement Issues To Be Decided

Maintenance – Statutory Factors – Equalization of Disposable Income – Overriding Principle

Valuation of assets Fair Market Value Determination Tax Impact on Various Types of Assets –Retirement Plans »Defined Contribution Plans »Defined Benefit Plans Cash flow Disposable Income Concept What makes sense for both parties? Reasonable level of support –Is it 50/50 or something else? Financial Assistance

Projections How could allocated assets work for each individual in the future? Budgeting Long term projections

Divorce Consulting - Re-creating A Financial Vision for The Future Q & A

Thank You

Divorce Consulting - Re-creating A Financial Vision for The Future Greg Ksicinski