A previous work by the authors has shown that the usual spin Hamiltonian used to model the magnetic spectra of mixed valence compounds was not sufficient to reproduce the magnetic spectrum of the molecule (Fe2(OH)3(NH3)6)+2. In the present paper, the spin Hamiltonian is confronted to correlated ab initio calculations. The discrepancy between this Hamiltonian and the calculations is investigated and explained. It is pointed out that the multiconfigurational nature of the transition metal is responsible for this discrepancy. However, we show that this effect can easily be treated at the complete active space self-consistent field ~CASSCF! level and that no further correlation treatment is needed. The spin Hamiltonian, which reproduces very well the minimal CASSCF results, could not be improved to recover the multireference effects.