Exam 1 Flashcards
(35 cards)
How are assets divided in an equitable distribution state?
In an equitable manner, except acquired by inheritance or gift.
Which form of alternative dispute resolution (ADR) utilizes a DECISION MAKER to make a binding decision for the parties?
Arbitration
Which of the following is a key document used to collect financial data pursuant to a divorce?
Financial Affidavit = Financial Statement
When do depositions usually occur?
After the close of discovery
Which is a bigger detriment if one owns a 401(k) versus a company pension?
Absence of any cost-of-living increase
How are expert witnesses considered “qualified”?
Lawyers stipulate that a witness is qualified as an expert
A person who helps prepare witnesses, improve arguments and rhetoric, and select juries is considered which of the following?
A trial consultant
What do litigation support professionals do?
Support large scale litigation such as class action suits
A CDFA professional’s work is NEVER PROTECTED by attorney-client privilege when working as a
Pro se divorce
(T or F) Property cannot be purged of its community property status
TRUE
What is considered as a career asset?
Unemployment benefits
Stock options
What does NOT increase the cost basis of a home?
Repairs (ex. installing new carpet)
In which of the following situations would the ex-husband NOT be subject to the RECAPTURE rules?
Ex-Wife got married
What information can tax returns provide?
The depreciation of a rental home
Can a CDFA professional who previously served husband and wife as clients advise one or the other as CDFA through divorce?
No. They cannot work with either due to their previous relationship. Instead refer other CDFAs
What states recognize COMMON LAW marriage?
Colorado
District of Columbia
Iowa
Kansas
Montana
Oklahoma
Rhode Island
Texas
How many divorce cases use the “pro se” approach?
50%
How many days is the typical residency requirement for filing for divorce?
90 days (some states 180)
What states do NOT recognize legal separation?
Delaware
Florida
Georgia
Mississippi
Pennsylvania
Texas
What is the Social Security tax wage limit?
6.2% on the first $168,000 max of $10,453
Required percentage of taxes withheld for a QUALIFIED RETIREMENT PLAN? (All qualified plans)
20%
Required percentage of taxes withheld for a IRA?
0%
Method that allows the court to divide a pension at some point in the future?
Reserved Jurisdiction
Explain coverture fraction
amount of years married divided by amount of years worked
