Divorce Financial Solutions, LLC
Divorce Financial Counselors and Divorce Financial Analysts
126 N. Jefferson Street, Suite 300
Milwaukee, WI 53202
GARRICK G. ZIELINSKI, CFP, CDFA / Telephone: (414) 294-4755GRANT G. ZIELINSKI, CDFA / Toll-Free: 1-888-337-7002
GERARD G. ZIELINSKI, CDFA / Fax: (414) 294-4789
October 19, 2018
Sent Via Email
Dear Clients,
I have agreed to act as your neutral financial specialist in regards to your pending divorce matter.The purpose of engaging my services is to provide financial analysis regarding assets, liabilities, and income issues incident to your pending divorce. My role is to help you reach an understanding about your assets, liabilities, and income; to help you make well-informed financial decisions. Such services are provided as a neutral financial specialist. Thus I am not advocating for either party or for a particular outcome in either parties’ best interests. My goal is for both of you to reach an agreement and understanding regarding your specific financial issues and how the various aspects of dividing them affect each of you both now and in the future. Together we will explore the financial options available to you and I will educate you along the way. I do not make financial decisions. I don’t give financial advice or financial opinions; unless they are requested of me.
Enclosed you will find my brochure which contains my retainer agreement on page 4. Please sign the retainer agreement and return it to me along with a check for the entire amount. Pages 2 and 3 contain questions and priority inquiries that I ask you to complete. These questions are an opportunity for you to tell me about your financial concerns regarding the process, outcome, and other financially related information that you think might be useful for me to know. The list of priorities in regard to property and support are most important. Please note that I will note share your answers to these questions with anyone, unless you provide me with written permission to do so.If you wish to communicate with me via email or receive copies of any email communications pertaining to your matter, please complete page 6. Lastly, page 5 contains a list of financial documents. I ask that you provide me with copies of any items pertaining to you. Your attorneys may have already collected such information and can forward it to me. We will be scheduling a meeting with you and your attorneys in the coming weeks. I would appreciate you completing the enclosed forms and returning them to me at least one week prior to our meeting.
Typically I will have a short phone call with your attorney prior to any meetings to discuss the agenda and topics that will be discussed. I prepare spreadsheets of assets and spreadsheets of income (cash flow) that become workable spreadsheets used to illustrate options. This behind the scene work usually takes between 1-3 hours, depending on the complexity of your situation.
October 19, 2018
Page Two
I will share my preliminary spreadsheets with your counsel prior to our first meeting. My involvement depends on the case sophistication and your specific needs, so it’s difficult to say how much I will be involved outside of our scheduled meetings and phone calls. Our first meeting is typically a walk-through of your assets, liabilities, and income.The walk-through meeting is an “educational” meeting that identifies and quantifies your assets and liabilities. During this meeting we will also identify your individual income, with an eye toward your future income (cash flow) and your tax filing options post-divorce.This first meeting usually runs about two hours, to give you an idea of how far the retainer will take you. As time may permit, we usually will prepare some cursory observations to provide information and ideas to help you reach an understanding. Subsequent meetings may be needed but this can be discussed after our first meeting.
During our meetings I have very few rules but you can expect the following:
- I will ask each of you to talk about your financial issues and we’ll discuss resolutions and ideas.
- Each of you will be given an opportunity to talk in our meetings, so I ask that you do not interrupt each other.
- Please do not speak for the other spouse. Don’t say what you believe the other spouse is thinking.
- During our meetings I do expect that everyone is respectful to one another.
If you have any questions or concerns regarding this matter please don’t hesitate to contact me directly.
With best regards,
Grant Zielinski, CDFA
Certified Divorce Financial Analyst
Divorce Financial Solutions, LLC
Enclosures
CLIENT INFORMATION
Name: ______/ Social Security #______D.O.B.______/ Age:______/ Date of Marriage ______First Marriage? ______
Employer: ______No. Of Years: ______/ Occupation: ______
Phone #: ______(Home/Cell) / Annual Income: ______
E-Mail: ___________ / Home Address: ______
Attorney’s Name: ______/ City, State, Zip: ______
Spouse: ______/ Social Security #______
D.O.B.______/ Age:______/ # Years Married ______First Marriage? ______
Employer: ______No. Of Years: ______/ Occupation: ______
Phone #:______(Home/Cell) / Annual Income: ______
E-Mail: ___________ / Home Address: ______
Attorney’s Name: ______/ City, State, Zip: ______
Children’s Names and Dates of Birth: / ______
______/ ______
______/ ______
Children’s Special Needs? ______
______
______
Billing to: Husband Wife Split 50/50 / Billing sent: By Mail By E-mail
PLEASE SEND WRITTEN RESPONSES TO THE FOLLOWING QUESTIONS.
1)Is there anything you would like to ask me or tell me before we continue the process?
2)When you look back over time, how were financial decisions made in your marriage?
3)Do you have any concerns about how the two of you will make financial decisions in the process?
4)What are the financial issues you think will be the most difficult for you and your spouse to resolve?
5)What would you specifically like to see as a financial outcome of the Process?
6)Is there anything else you think I should know about you and your family and families’ finances?
7)Tell me where you see yourself financially one year from now? Do you have any specific short, medium, and long-range financial goals, such as a retirement age, purchase a home or Condo?
Property Division, My Priorities Are:
A) ______
B) ______
C)______
D)______
E)______
Spousal Support, My Priorities Are:
A)______
B)______
C)______
D)______
E)______
Child Support, My Priorities Are:
A)______
B)______
C)______
D)______
E)______
Divorce Financial Solutions, LLC
Divorce Financial Counselors and Divorce Financial Analysts
126 N. Jefferson Street, Suite 300
Milwaukee, WI 53202
GARRICK G. ZIELINSKI, CFP, CDFA / Telephone: (414) 294-4755GRANT G. ZIELINSKI, CDFA / Toll-Free: 1-888-337-7002
GERARD G. ZIELINSKI, CDFA / Fax: (414) 294-4789
RETAINER AGREEMENT
1. We, ______, hereby retain Divorce Financial Solutions, LLC and Grant G. Zielinski, CDFA, to act as my financial specialist in the matter of my divorce. We agree to pay all fees and costs incurred. We agree to advance the sum of $______as a retainer in advance against fees and costs for the consultation, communication, and correspondence.
2. HOURLY FEE SCHEDULE: The following hourly rate is agreed to:
Client Financial Counseling / $____/hrFinancial Analysis
Clerical and Data Input / $____/hr
$____/hr
3.RETAINER AND PAYMENTS: We agree to advance the sum of $______against all fees and/or costs associated with financial analysis and consultation in my case. All work accomplished will be charged against said retainer until such time as the retainer is exhausted. We understand that the retainer may not pay all the fees and costs necessary to complete the work in my case. Should the initial retainer be consumed, we will continue to invoice but an additional retainer may be requested and no further work will be done until the additional retainer amount and/or outstanding balances owed are paid. Any portion of the retainer that is not used shall be refunded.
4. OBLIGATION TO PROVIDE ACCURATE DATA: We agree to provide Divorce Financial Solutions, LLC with accurate, reliable and complete financial statements and information. We understand Divorce Financial Solutions, LLC will rely exclusively on such information provided. Consequently, we agree that we will not hold Divorce Financial Solutions, LLC or Grant G. Zielinski, CDFA accountable for any errors or omissions in their work product resulting from our failure to provide accurate, reliable and complete financial information.
5. INDEPENDENT LEGAL ADVICE: Divorce Financial Solutions, LLC provides supporting financial information, schedules and illustrative support that is to be utilized by the client and/or their respective legal counsel and/or other trusted advisors. Divorce Financial Solutions, LLC. and Grant G. Zielinski, CDFA is not an attorney and does not and will not give legal advice. Accordingly, all work is deemed confidential and subject to all applicable attorney-client privileges and work product protections.
6. SIGNATURE INDICATES THE ABOVE HAS BEEN READ AND AGREED TO:
______
NameDate
______
NameDate
INFORMATION AND DOCUMENTS NEEDED
(Check documents provided or indicate N/A)
Personal and Legal Documents:
- Financial Disclosure Statement (if completed)
- Martial Settlement Agreement (if complete
- Copies of any Trusts created by you or others for your benefit
Personal Investments and Insurance:
oCopy of most recent bank statements, CD/money market accounts
oCopy of most recent non-qualified mutual fund statements
- Copy of any stock/bond statement of inventory
- Copy of any dividend statements
- Copies of any K-1 reports, LLC, REIT’s and/or equipment leasing programs
- Copy of most recent cash value and term life insurance policy statements
- Copy of life policies owned by you or your spouse on the lives of others
- Copy of most recent mortgage statement
- Copy of most recent consumer debt (credit cards, auto loan, etc.) statements
- Copy of your most recent property tax statement
- Copy of your most recent payroll check-stubcovering at least 3 pay-periods (self and spouse)
Personal Tax Returns:
oCopies of last three years personal income tax returns with W-2’s and 1099’s
Business Documents:
- Copy last three year’s corporate tax returns
- Copy last three year’s financial statements
- Copies of most current interim profit and loss statements and balance sheet
- Copy of Buy-Sell Agreement
Employee Benefits
- IRA, 403(b) and/or 401(k) Plan statements
- Group health, life and disability insurance benefits information
- Copies of pension and/or profit sharing plans (include year-end statements)
- Copies of deferred compensation or income continuation plans, stock options and/or restricted stock agreements, if any
- Copy of most recent annual Social Security Benefits* statement (self and spouse)
To create an account and obtain a copy, go to:
Be prepared to discuss:
- Family needs currently and in the future
- Financial concerns, goals, philosophy
- Anticipated monthly, quarterly and annual expected monthly expenses/budget
- Existing assets and liabilities
- Current and expected future income
- Family concerns/needs in the event of premature death or total disability
Divorce Financial Solutions, LLC
Divorce Financial Counselors and Divorce Financial Analysts
126 N. Jefferson Street, Suite 300
Milwaukee, WI 53202
GARRICK G. ZIELINSKI, CFP, CDFA / Telephone: (414) 294-4755GRANT G. ZIELINSKI, CDFA / Toll-Free: 1-888-337-7002
GERARD G. ZIELINSKI, CDFA / Fax: (414) 294-4789
AUTHORIZATION REGARDING ELECTRONIC COMMUNICATIONS
By signing below, I hereby authorize Divorce Financial Solutions, LLC to communicate with me, my attorney or others authorized by me, regarding my confidential legal matters via e-mail and mobile telephone service. I understand that due to the nature of such communications, these communications could be intercepted and/or read by others. I also understand that e-mail sent to and received by Divorce Financial Solutions, LLC may not be encrypted and also may not be sent through a secure server.
I agree to accept such risk and agree to hold Divorce Financial Solutions, LLC harmless of any damages that might result from such communication intercepted or read by others. I also understand that due to the volume of e-mails sent to Divorce Financial Solutions, LLC each day, each professional’s appointment schedule, and due to other forms of contact with members of the firm, an immediate response to e-mail is not always possible. If I need an immediate response or response within a specific time frame, I understand that I will need to make a telephone call directly to the member of the firm.
Dated this day of , 20___
.
______
Client’s Printed Name
______
Client’s Signature
______
Client’s e-mail address (please print clearly)
E-MAIL ADDRESSES:
Grant G.
NOTE TO CLIENT: Please note that Divorce Financial Solutions, LLC general firm e-mail address is . If you use this e-mail address, it is important to indicate in your e-mail to whom your e-mail communications should be directed.
DIVORCE FINANCIAL SOLUTIONS
PRIVACY NOTICE
Divorce Financial Solutions recognizes that protecting the privacy and security of the personal information we obtain about our customers is an important responsibility. This Privacy Notice generally describes our policy about how we treat that information, and applies to both our current and former customers. This notice refers to Divorce Financial Solutions using the terms “we,” “us” and “our”.
How we obtain our information. We collect certain nonpublic personal information about you when you first come in to see us. We often obtain additional information we need from:
- Applications and forms that you complete with other company’s
- Anyone you have authorized to provide information to us (i.e. accountants, banks, brokerages, etc).
- Processing and recording of income taxes
Information we may obtain. The types of information we may obtain fall into three general categories:
Customer Information. Customer information includes identifying information such as your name, address, telephone number, social security numbers and demographic data about you.
Financial Information. Financial information is information covered by the Fair Credit Reporting Act and includes information such as your income, assets, credit history, the type and value of securities you own or which you have purchased or sold, and other information about transactions in an account.
Health Information. In some circumstances we may obtain health and medical information about you – for example, in our obligation to provide accurate income projections and negotiate financial settlements based on health issues. .
Security of the information. We maintain physical, electronic and procedural safeguards that comply with federal and state laws to protect all the information we have obtained about you.
What we do with the information we obtain. We use information about you for reviewing and processing settlement proposals and authorizations to obtain information (discovery). We may also use information about you to suggest other services or other service providers such as tax preparation services and accounting services, etc.
Disclosure of information. Under our current privacy policy, DIVORCE FINANCIAL SOLUTIONS does not sell information about you to others.
Customer Information. In order to offer you services that may be of value to you, we may, where permitted by law, disclose the customer information described above to the following types of persons or organizations:
- Other financial institutions with which we jointly provide financial services
- Others as permitted or required by law*
- Anyone to whom you have authorized DIVORCE FINANCIALSOLUTIONS to disclose the information (i.e. accountants, banks, brokerages, etc.).
*Examples of disclosures permitted by law would include disclosures to organizations that provide transaction-processing services for us on our behalf. Examples of disclosures required by law would include disclosures made in response to a subpoena or in response to an audit or investigation by a regulatory agency.
Changes to our Privacy Notice. Our policy about obtaining and disclosing information may change from time to time. We will provide you with notice of any material change to this policy before we implement the change.
Divorce Financial Solutions, LLC
Divorce Financial Counselors and Divorce Financial Analysts
126 N. Jefferson Street, Suite 300
Milwaukee, WI 53202
GARRICK G. ZIELINSKI, CFP, CDFA / Telephone: (414) 294-4755GRANT G. ZIELINSKI, CDFA / Toll-Free: 1-888-337-7002
GERARD G. ZIELINSKI, CDFA / Fax: (414) 294-4789
Top 10 Financial Mistakes Made in Divorce
1)I’ll take the house you keep your retirement plan:
This is the most common mistake made in divorce, but it not always a mistake because each matter is different. Many people have such an emotional attachment to their home that they cannot fathom life in another house. The house though, usually comes with mortgage payments, maintenance and repair bills that can devastate a person’s finances. Even though the value of the house might be equal to the value of the pension or retirement plan, they are apples and oranges as the character of those assets change over time. One asset requires income to pay for repairs, maintenance, improvements, property taxes and assessments. On the other hand a retirement plan grows in value without expenses and produces income in the future, it doesn’t cost income. A 50/50 division of assets may sound equal, and it may in fact be equal in value as of the date of divorce but often 5, 10 or 20 years later hey are no longer equal. You cannot sell a portion of a house to buy food and clothes.
According to the Social Security Administration, the poverty level among seniors dropped from 35% in 1939 to 10% in year 2000. Yet, only 2.4% of married seniors are below the poverty level while 21% of divorced seniors are below the poverty level and the largest portion of these (56%) is women. Clients and attorneys fail miserably at sound financial planning principles by not factoring the financial consequences of decision making 15 to 20 years or more into the future.
2)Qualified Domestic Relations Order (QDRO):
This is the most treacherous area of divorce law. In fact, it is also the largest area of legal malpractice suits brought by people around the country. Many attorneys that practice family law do not fully understand how to divide a pension, and the various ways, through a QDRO. If you don’t understand things such as cost of living adjustments, supplemental benefits, lump sum distribution options, marriage coverture formula’s and whether or not your spouses pension accrues linear or is based upon a formula of salary and number years worked, you could potentially lose the entire asset or fail to maximize a valuable asset.
The house and the retirement plans are likely to be the largest assets in your marriage. It would behoove you to get educated. Did you know that you could elect to commence your former spouses’ pension if awarded to you even if they have not yet retired? What if you are 40 years old and your former spouse is 50 years old? Do you think that makes a difference? You need to learn about the earliest possible retirement age and why you should mark that date on your calendar. You need to find out how often the plan is valued by the administration firm. If it’s once each year, if you are divorcing in the latter part of the year, what about the benefits accrued during that year? Many plans don’t make their contributions to a plan until March or April of the following year for benefits earned the previous year!