Responsibilities of a Financial Neutral

The FN will then prepare financial reports for the team and clients to present the current financial information that comprises a schedule of assets and liabilities, inclusive of amounts, title and restrictions; family income and expenses, inclusive of any recent or anticipated material changes; and any other data pertinent to the financial decision-making process (insurance issues, children’s assets, etc.).

[A financial review is held for the full team.] The FN identifies the need for other specialized professionals (business valuation experts, mortgage lenders, etc.) and states issues raised by the clients and other team members. The FN also assists with the development of options for the financial decisions […].

Typically the FN prepares projections of hypotheticals that reflect and compare outcomes of [options selected by the clients], including division of assets, cash flow, tax and retirement projections, pension analyses and other reports as needed. Scenarios may be revised many times to address issues and the clients’ concerns […].

When financial resolution is attained, the final scenarios and reports prepared by the FN become working documents for the attorneys in drafting the settlement agreement […]. The FN will assist in reviewing the draft agreement to ensure all financial and tax issues are addressed. The FN should remain available to the clients “in perpetuity” as part of the collaborative team, and should maintain records for a minimum of five years.