1
Q
When do depositions usuaully occur?
1. after the trial
2. after the close of discovery
3. after the complaint
4. after the waiting period
A
- after the close of discovery
depositions are the testimony of a witness taken out of court under oath and reduced to writing after discovery and prior to trial. the deposition may be used to discredit a witness f he changes his testimony during trial
2
Q
Which of the following types of bankruptcy allows for the liquidation of all assets to pay off debt and then the remainder of the unpaid debt is forgiven?
1. chapter 7
2. chapter 11
3. chapter 12
4. chapter 13
A
chapter 7
3
Q
chapter 7 bankruptcy
A
“liquidation bankruptcy,” allows individuals or businesses to discharge most unsecured debts (credit cards, medical bills) in 3–4 months without a repayment plan
4
Q
chapter 11 bankruptcy
A
a court-supervised reorganization process, primarily for businesses, allowing them to continue operations while restructuring debt through a confirmed plan. It acts as a temporary “pause button” on creditor actions, aiming to create a viable entity,, though it can also be used for liquidations or by individuals with high debt loads.
5
Q
chapter 12 bankruptcy
A
a specialized debt reorganization tool for family farmers and fishermen with regular annual income, allowing them to restructure debts over 3-5 years, keep their essential property (land, equipment), make seasonal payments, and benefit from streamlined procedures similar to Chapter 13, but tailored for agricultural/fishing realities. It offers flexibility to “cram down” secured debts to the asset’s value, modify loans, and confirm plans over creditor objections, providing a pathway to financial recovery without liquidation.
6
Q
chapter 13 bankruptcy
A
“wage earner’s plan,” allows individuals with regular income and manageable debt levels to restructure their finances, repaying all or part of their debts through a 3- to 5-year court-approved plan. This option helps stop foreclosure, repossession, and utility shutoffs while allowing debtors to keep their property.
7
Q
which of the following tax carryforwards affects the basis of an asset upon transfer in a divorce?
1. capital loss
2. net operating loss
3. passive activity loss
4. investment interest expense
A
Passive activity loss
8
Q
when did the QDRO come into existence?
1. 1974
2. 1984
3. 1986
4. 1997
A
1984
9
Q
Andrea is receiving spousal support from Mike and is refusing to provide her SSN to him. what is the fine she will have to pay for withholding her SSN?
1. $0
2. $50
3. $100
4. $250
A
$50
10
Q
When one spouse deliberately misappropriates community property, which of the following actions is the court most likely to take?
1. assess an additional award to the injured spouse
2. asses a 100% penalty
3. ward the entire marital estate to the injured spouse
4. hold the offending spouse in contempt of court
A
- assess an additional award to the injured spouse
11
Q
which state does not recognize legal separation?
1. Louisiana
2. Wisconsin
3. Texas
4. Nevada
A
Texas?
Several U.S. states do not formally recognize legal separation, meaning they do not have a court-sanctioned process for it. These states include Delaware, Florida, Georgia, Mississippi, Pennsylvania, and Texas
12
Q
How often can the exclusion from capital gain tax upon the sale of the principal residence generally be used?
1. every 2 years
2. every 3 yrs
3. every 4 yrs
4. every 5 yrs
A
every 2 yrs
13
Q
Can the custodial parent transfer the dependency exemption to the non custodial parent?
A
Yes
14
Q
which of the following statements best describes the impact that “no fault” divorce laws have had on divorces in the US?
1. an increase in the number of divorces
2. a decrease in the number of divorces
3. an increase in the amount of spousal support that is paid
4. a decrease in the amount of child support that is paid
A
15
Q
how many days is the typical residency requirements for filing for divorce?
1. 30 days
2. 60 days
3. 90 days
4. 180 days
A
180 days?
16
Q
according to statistics, approximately how many divorce cases use the ‘pro se’ approach to settlement?
1. 40%
2. 50%
3. 60%
4. 70%
A
50%
17
Q
what is the maximum number of days an individual has to complete an IRA rollover?
A
60 days
18
Q
pre-2019, spousal support was deductible in which of the following ways?
1. the couple filed separate tax returns
2. the couple lived in the same house
3. part of the payment want child support
4. a written court order was not in place
A
19
Q
Gary works for an employer who has 20 or more employees. Following his divorce from Martha, how many months will Martha be eligible for COBRA insurance coverage?
1. 12 months
2. 18 months
3. 24 months
4. 36. months
A
36 months
since there are more than 20 or more employees, she is eligible for COBRA for 36 months
20
Q
How long can a temporary order last?
1. no longer than 90 days
2. no longer than 180 days
3. until completion of interrogatories
4. there is no time limit
A
there is no time limit
21
Q
taxable income from a business is calculated by subtracting which of the following?
1. none of the expenses from the business income
2. the business expenses from the business income
3. the business income from the business expenses
4. the self employment tax from the business income
A
22
Q
Why did the IRS want to reclassify spousal support as child support?
1. to ensure that children are getting adequate support
2. to prevent a property settlement from being disguised as child support
3. to prevent income shifting
4. to ensure that spouses are getting adequate support
A
23
Q
which of the following terms is defined as a court order requiring a person’s appearance in court or at a deposition?
1. summons
2. motion
3. subpoena
4. writ of summons
A
subpoena
a subpoena is a court order requiring a person’s appearance in court, at a deposition as a witness or to present documents or other evidence for a case
24
Q
subpoena
A
A subpoena is a formal, legally binding court order that compels an individual to appear at a specific time and place to provide testimony or evidence. It is commonly used to require a person’s presence in two primary contexts
a subpoena gathers evidence.
25
summons
A summons notifies you that you are being sued and must appear in court, marking the start of a lawsuit.
summons initiates a case, while a subpoena gathers evidence.
26
writ of summons
A writ of summons is a formal legal document that initiates a civil lawsuit, notifying a defendant that they are being sued and must appear in court or file a response. Served by a sheriff, constable, or authorized person, it identifies the parties involved and often compels a response within a specific timeframe (e.g., 30-60 days) to avoid a default judgment.
27
when a distribution is paid from a qualified retirement plan, what is the percentage of taxes that the plan administrator must withhold?
20%
28
Which of the following filing statuses would not permit a taxpayer to take the childcare credit?
1. single
2. MFS
3. MFJ
4. head of household
29
Allocating tax carryforwards
- capital loss carryforwards are allocated based upon each spouse's separate capital losses
- jt charitable contribution carryforward is allocated between the spouses based upon what the contribution would have been had the spouses filed separate returns for the year the contribution was made
- jt net operating loss (NOL) carryforward is apportioned between the spouses in the ratio of what theyr separate NOL would have been if each spouse had computer their income separately
- AML carryforward has no rule regarding how it should be allocated between the spouses
- if there are suspended passive activity losses, the transfer of property to one spouse is treated as a gift. suspended losses are added to the cost basis
- no rules set forth for investment interest expense carryforwards
- losses from an S corporation that exceed the shareholder's basis follow the stock in divorce
- suspended general business credit carryforwards should follow the property or business giving rise to the credit
30
which of the following methods of discovery consists of a sworn testimony of a witness taken outside of court?
1. summons
2. interrogatories
3. notice to product documents
4. depositions
4. depositions
a deposition is the sworn testimony of a witness taken
outside of court
occur after the close of discovery
31
which of the following activities is appropriate for a mediator to perform?
1. providing legal advice
2. being an advocate for one party
3. acting as a neutral third party
4. making a binding settlement
3. acting as a neutral third party
mediator does not make a binding settlement
32
what is a valid reason for one of the parties in a divorce to appeal the judge's decision?
The judge's decision reflected an abuse of discretion
a judge's decision can be appealed if one of the parties feels there was an abuse of discretion, such as a failure to take into proper consideration the facts and law relating to a particular matter or an arbitrary or unreasonable departure from precedent and settled judicial custom
33
which of the following is the one of the main purposes of a deposition?
1. to provide irrefutable evidence for trial
2. to provide evidence that may be used for trial
3. to end the case
4. to replace the trial
2. to provide evidence that may be used for trial
depositions are the testimony of a witness taken out of court under oath and reduced to writing after discovery and prior to trial. the deposition may be used to discredit a witness if he changes his testimony during trial
34
Which of the following is a bigger detriment if one owns a 401(k) plan versus a company pension?
1. risk for employer mismanagement of the retirement funds
2. potential financial demise of the employer
3. absence of any cost of living increase
4. no ability to take distributions prior to retirement
3. absence of any cost of living increase
35
when one spouse deliberately misappropriates community property, what will the court most likely do?
assess an additional award to the injured spouse
if one of the spouses has deliberately misappropriated community property the court may make an unequal division of the community property and assess an additional award to the injured spouse
36
How does an expert witness get qualified?
the lawyers can stipulate that a witness is qualified as an expert
37
a person who helps prepare witnesses, improve arguments and rhetoric, and select juries is considered which of the following?
1. an expert witness
2. trial consultant
3. fact witness
4. litigation support professional
2. a trial consultant
trial consultant is the use of social scientist, particularly psychologists, communication experts and economists to aid attorneys in the presentation of a criminal trial or civil lawsuit. Modern trial consultants help prepare witnesses, improve arguments and rhetoric, and select juries
38
the following standards are listed in the CDFA Code of Ethics and Professional Responsibility
integrity, competence, avoidance of legal advice, competence, objectivity, professionalism and compliance
39
which of the following standards is not listed in the CDFA Code of ethics and professional responsibiilty?
1. integrity
2. competence
3. confidentiality
4. honesty
4. honesty
40
a CDFA professional's work product is never protected by attorney-client privilege when working in which role?
1. collaborative divorce
2. mediation
3. arbitration
4. pro se divorce
4. pro se divorce
In pro se divorce, a person chooses not to use an attorney. Therefore, there would be no way to protect a CDFA professional's work product through attorney client privilege
41
Which of the following is a career asset?
1. a car paid for with employee paychecks
2. unemployment benefits
3. golf club membership
4. UTMA college fund
2. unemployment benefits
cars would not be a career asset unless they are paid for by the employer
42
Ty and Kelly bought a vacation home 15 years ago for $530,000. Before their divorce was final they sold their vacation home for $330,000. The costs associated with the sale were $20,000. What is the tax consequence of the sale?
1. They have a loss of $220,000 and cannot deduct it.
2. They have a loss of $200,000 and cannot deduct it
3. They have a loss of $220,000 and can deduct it
4. They have a loss of $200,000 and can deduct it
1. They have a loss of $220,000 and cannot deduct it.
Loss of a vacation home cannot be deducted
43
Sheila was awarded half of her husband's IRA, which is in a mutual fund. Which of the following does the IRA trustee require to transfer half of the IRA to Sheila?
a copy of the judgement for divorce
a judgement for divorce is a document that grants a divorce and reflects the court's decision following trial. It resolves all issues such as alimony, child support, custody, visitation and equitable distribution. unlike qualified benefit plans, IRAs do not have to be payable pursuant to a QDRO
44
If life insurance insuring the life of the first spouse is transferred to the other spouse pursuant to the divorce, what happens to the proceeds upon the death of the insured?
the death proceeds are non taxable income to the recipient
whether you receive a lump sum or periodic payments, as long as the amount does not exceed the death benefit specified in the policy, the proceeds are not taxable income. however, should one receive more than the stated death benefit, the additional funds are considered interest and treated as income for tax purposes
45
All of the following statements about child and spousal support are true, except
1. spousal support is generally based on need, ability to pay, and length of marriage
2. it is important to avoid reduction of spousal support at a time associated with the occurrence of a child related contingency
3. child support is always modifiable
4. spousal support can never be modified
4. spousal support can never be modified
spousal support can be modified by returning to court
46
Which of the following is not considered a marital asset?
1. primary residence
2. pension
3. stock options
4. UTMA
4. UTMA
a UTMA account is considered to be an asset of the child, not the parents
47
How often can the exclusion from capital gain tax upon the sale of the principal residence generally be used?
every 2 years
48
how many years does the innocent spouse have to apply for relief under the innocent spouse rule?
two years after collection activities have begun
an individual has 2 years until after the IRS has taken action to collect on the tax debt
49
Which of the following payments are never taxable?
child support
50
taxable income from a business is calculated by subtracting which of the following?
the business expenses from the business income
51
When is a couple still considered married for tax purposes?
one spouse moves out of the house
52
Pre-2019 spousal support was deductible in which of the following ways?
The couple filed separate tax returns
53
What were the spousal support recapture rules designed to prevent?
excess front loading of spousal support
recapture rules on spousal support were designed to prevent front loading of spousal support. the rules kept non deductible property settlement payments from being deducted as spousal support
54
child support guidelines
every state has child support guidelines. they are not implemented by the federal government, so rules will vary between states
55
Which of the following is NOT a reason for a CDFA professional to interview clients?
1. to collect financial data
2. to develop a budget
3. to complete answer to interrogatories
4. to help them identify their financial goals, including retirement objectives
3. to complete answer to interrogatories
56
Which of the following tasks can a CDFA professional perform without having additional training?
act as an expert witness
CDFA professionals are trained to act as expert witnesses
57
which of the following roles is probably the most important role a CDFA professional can play during the divorce process?
1. strategist
2. pension valuator
3. business appraiser
4. client expectations manager
client expectations manager
58
A divorce statute may list factors that the judge must consider when dividing property in a divorce. Which of the following is an appropriate action for the couple to take when negotiating a property settlement?
1. abide by the factors listed in the statute
2. give the factors the same weight and priority as the statutes require
3. determine their own solution without input from the judge
4. obtain approval from the judge for their negotiated property settlement
4. obtain approval from the judge for their negotiated property settlement
59
which of the following is NOT something that attorneys use to determine how the law is likely to be applied in a case?
1. case law
2. state legislation
3. local custom
4. local mediation reports
4. local mediation reports
local mediation reports are not used as precedent to determine how the court is going to rule. Mediation reports are not archived the way that court cases are archived
60
common law marriage
legally recognized, non ceremonial union in a minority of U.S. states requiring couples to live together, intend to be married and present themselves as spouses
61
which of the following recognizes common law marriage
1. Illinois
2. New York
3. Maryland
4. District of Columbia
DC
62
approximately how many divorce cases use the 'pro se' approach to settlement
50%
63
How many days is the typical residency requirements for filing for divorce?
90 days
64
How long can a temporary order last?
there is no time limit
a temporary order is used to address issues (such as support, custody, and sometimes property issues) that come up while the couple is waiting for the divorce to be final, whether that takes 90 days or five yrs
65
Which state does not recognize legal separation
Texas
66
Which of the following expenses is LEAST likely to be double counted?
1. mortgage payments
2. property taxes
3. property insurance
4. health insurance
1. mortgage payments
*property insurance is frequently included in the mortgage payment and then listed separately under insurance. Mortgage payments, however are not typically double counted
67
Marital property is best defined as which the following?
1. it is brought into the marriage
2. it is inherited during the marriage
3. it is received as a gift during the marriage
4. it is earned during the marriage
4. it is earned during the marriage
marital property is everything earned during the marriage even if it is kept in one spouse's name
68
many states would consider property to be marital property if it had which of the following attributes?
1. it increased in value and was maintained as separate property
2. it was brought into the marriage and was maintained as separate property
3. it was inherited and maintained as separate property
4. it was a gift and was maintained as separate property
1. it increased in value and was maintained as separate property
real property brought into the marriage and maintained as separate property is not considered marital property
69
quitclaim deed
is a legal document that transfers any interest a person (grantor) has in a property to another party (grantee) without making any guarantees or warranties about the validity of the title
it is used for quick, low risk transfers such as adding a spouse, gifting to family, or divorce settlements
70
Wilma is transferring her interest in the marital residence to her former husband, Fred, by quitclaim deed. ...
Wilma will remain liable for the mortgage on the residence
Even though Wilma's name is off the deed, it remains on the mortgage. Wilma is still liable if Fred decides to stop making the payments
71
which of the following is NOT considered to calculate the cost basis of the family home?
1. the purchase price
2. the closing costs on the purchase of the house
3. any repairs made to the house
4. any improvements made to the house
any repairs made to the house
repairs made to the house are not considered in calculating the cost basis
72
when a distribution is paid from a qualified retirement plan, which is the percentage of taxes that the plan administrator must withhold?
20%
the unemployment compensation amendment act (UCA), which took effect in January 1993 states that any monies taken out of a qualified plan or tax sheltered annuity are subject to 20% withholding
73
when a distribution is paid from an IRA, the trustee must withhold what percentage of taxes?
0%
there are no withholding requirements for IRAs, the 20% withholding is for distributions from qualified plans
74
if a qualified retirement plan is being transferred to a non participant spouse pursuant to a QDRO, payment of a tax penalty can be avoided if a distribution is taken by the
non participant spouse as a one time opportunity
the non participant spouse is exempt from the penalty, pursuant to IRC 72t2c if he or she takes a one time distribution prior to transferring the retirement assets to a separate account
75
which of the following methods of dividing pension benefits allows the court to decide how to divide the pension at some point in the future?
reserved jurisdiction
76
what is not a provision or IRC 1041 regarding the transfer of property incident to divorce?
1. the transfer occurs within 1 yr of divorce
2. gain or loss is recognized by the transferring spouse
3. the transfer is included in the final divorce decree
4. the transfer does not occur more than 6 yrs after the divorce
2. gain or loss is recognized by the transferring spouse
no gain or loss is recognized by transferring or receiving spouse
77
which of the following correctly describes the rules regarding IRAs in divorce?
IRAs can be transferred from one spouse pursuant to a divorce by changing the name on the IRA or rolling over the IRA
78
Which of the following can be discharged in bankruptcy?
1. property settlement notes
2. child support arrears
3. spousal support arrears
4. student loans
1. property settlement notes
79
property settlement note
promissory note used in divorce to equalize asset division, allowing one spouse to pay for their share of equity over time, often for the family home
these notes typically include an agreed upon amount, interest rate and payment schedule, acting as a structured taxable income source for the recipient
80
how was the recapture of spousal support treated for tax purposes?
report the excess support as taxable income in the third post separation year
the amt of excess support is reported on the tax return, not paid to the IRS
81
which of the following terms is defined as a court order requiring a person's appearance in court or at deposition?
1. summons
2. motion
3. subpoena
4. writ of summons
3. subpoena
a subpeona is a court order requiring a person's appearance in court, at a deposition as a witness or to present documents or other evidence for a case
82
summons
primary goal is to notify of a lawsuit; initiates action
recipient: defendant
failure to comply: default judgement (you lose)
83
subpoena
compels evidence or testimony
occurs during a case (discovery/trial)
failure to comply: contempt of court (finds/jail)
84
motion
requests a court order/ruling
recipient: parties to the case
context: anytime during a case
failure to comply: denied request
85
which of the following statements is true of community property status?
1. it can be purged by moving to an equitable distribution state for one year
2. it can be purged by filing for divorce in an equitable distribution state
3. property cannot be purged of its community property status
4. property cannot be purged of its community property status unless the court in the originating community property state consents
3. property cannot be purged of its community property status
any property acquired in a community property state retains its community property status no matter where the couple moves
86
Al bought corporate stock for $1,000. He transferred the stock to his ex-wife, Carrie, as part of their divorce settlement when the stock was worth $2,000. Carrie subsequently sold the stock for $3,000. Which of the following statements if true regarding the tax consequences?
1. carrie incurred a capital gain of $1,000 and Al incurred no capital gain
2. Carried incurred a capital gain of $2,000 and Al incurred no capital gain
3. Carried incurred a capital gain of $1,000 upon the sale, and Al incurred a capital gain of $1,000 when he transferred the stock to carrie
4. Al incurred a capital gain of $2,000 and carried incurred no capital gain
2. Carried incurred a capital gain of $2,000 and Al incurred no capital gain
87
which of the following is a career asset?
1. a car paid for with employee paychecks
2. unemployment benefits
3. golf club membership
4. utma college fund
2. unemployment benefits
88
which of the follwing is a criminal offence?
1. preparing a tax return without a CPA license
2. practicing law without a law license
3. valuing a business without a valuator's license
4. valuing a pension without an actuary's license
2. practicing law without a law license
89
TWIN CAN LAW is a mnemonic for ____
community property - assets acquired during a marriage are generally considered owned equally by both spouses (50/50) , in common law states, ownership is determined by whose name is on the title
Texas, Washington, Idaho, Nevada, California, Arizona, New Mexico
Louisiana, Alaska, (allow for elective comunity property) Wisconsin
90
When a distribution is paid from an IRA, the trustee must withhold what percentage of taxes?
1. 0%
2. 10%
3. 20%
4. 25%
0%
There is no withholding requirement for IRAs, the 20% withholding is for distributions from qualified plans
91
which of the following methods of dividng pension benefits allows the court to decide how to divide the pension at some point in the future?
1. present value
2. deferred division
3. reserved jurisdiction
4. cash out method
2. reserved jurisdiction
92
which of the following is always modifiable?
1. child support
2. spousal support
3. property division
4. dissolution of the marriage
1. child support
93
how was the recapture of spousal support treated for tax purposes?
1. pay the excess support to the irs in the 3rd post separation year
2. report the excess support as taxable income in the 3rd post separation year
3. it does not have to be reported, the irs will notify the taxpayers of an adjustment
4. the taxpayers have to amend the previous years' tax returns
report the excess support as taxable income in the third post separation year
94
which of the following makes a QDRO qualified?
1. it is ordered by the judge
2.. it is agreed to by the parties
3. it is approved by the pension plan administrator
4. it is submitted to the pension plan administrator for approval
3. it is approved by the pension plan administrator
95
Plan administrators are required to do what when a participants ask for a distribution from a qualified plan
provide a direct rollover option to the participant
the plan administrator is required to provide direct rollover options pursuant to the unemployment compensation amendment of 1992
96
maximum number of days an individual has to complete an ira rollover?
60 days
97
which of the following filing statuses would NOT permit a taxpayer to take the childcare credit?
1. single
2. MFS
3. MFJ
4. Head of household
MFS
98
98
andrea is receiving spousal support from Mike and is refusing to provide her SS number to him. what is the fine she will have to pay for withholding her SS number?
$50
99
Which of the following tax carryforwards does not have a rule for allocation between spouses?
1. charitable contributions
2. capital losses
3. net operating loss
4. AMT credit
alternative minimum tax credit
100
childcare expenses for a child without disabilities can qualify for the tax credit for child and dependent care expenses as long as the child is no older than
12
13*only if the child is disabled
101
what tax carryforward affects the basis of an asset upon transfer in a divorce?
passive activity loss
any passive activity loss carryforward is added to the basis of the asset transferred in a divorce. it would reduce the taxable gain when the asset is sold
102
how long does the irs have to perform a random audit of a joint tax return?
3 years
103
how long does the irs have to audit a joint tax return when fraud is involved
anytime
104
what type of bankruptcy allows you to preserve your assets and pay off some of your debts over a 3 yr period and discharge the rest of your debts?
chapter 13
allows you to preserve assets vs liquidation under chapter 7
105
what is the purpose of automatic revocation statutes?
to void beneficiary designations to an ex spouse after divorce
an automatic revocation statute automatically revokes a spouse as a beneficiary in the event of a divorce. the assumption is that the decedent intended to remove the ex spouse from the documents post divorce but forgot to do so
106
what tax form waives the custodial parents right to claim the children as dependents?
8332
the custodial parent can transfer the right to claim the exemption to the noncustodial parent for one tax year or many tax year using a written release (Form 8332)
107
how are capital loss carryforwards allocated between a divorcing couple?
losses on separately owned property belong to the spouse that owned the property. capital loss carryforwards are allocated based upon each spouse's separate capital losses
108
what is included in itemized deductions
state and local taxes, real estate taxe, interest on the home mortgage plus donations
401k reduces the income shown on W2 and are not an itemized deduction
109
What does the unemployment compensation amendment of 1992 mandates that the plan administrator withholds?
20%
109
to be eligible for COBRA coverage after divorce the qualified beneficiary must notify the plan administrator of the qualifying event within what time period?
60 days
110
which filing status has the highest standard deduction?
surviving spouse and married filing jointly
111
what is the personal exemption amount?
0
112
TWIN CAN LAW is a mnemonic to help recall which states have
community property
the states that recognize community property are Texas, Washington, Idaho, New Mexico, California, Arizona, Nevada, Louisiana, Alaska, Wisconsin
113
COBRA and ex spouse usage
COBRA provisions allows an ex spouse to continue group coverage for 36 months post divorce as long as the company is notified within 60 days and the non employee spouse pays all required premiums
114
in a community property state, the character of property can be changed by all of the following mechanism
- a prenuptial agreement
- transmutation (legal term that means to change form)
- post nuptial agreement
*informal assent or behavior would not change the nature of the property
115
2 major exceptions to the nonrecognition rule:
it does not apply if one spouse is a nonresident alien, and it does not apply to a transfer of services
116
what is not required to be in a QDRO?
1. the name and address of the participant
2. the amt or % of the participant's benefits to be paid to the alternate payee
3. the number of payments or period for which payments are required
4. the amount that the alternate payee is taking as an immediate distribution
4. the amount that the alternative payee is taking as an immediate distribution
117
how are assets divided in a community property state?
everything that was acquired during the marriage, other an acquisition by inheritance or gift, is divided 50/50 between the spouses
118
how is property divided in an equitable distribution state?
marital property is divided in an equitable manner
119
Sally lives in an equitable distribution state. she had a house when she got married that she kept in her name only. at that time, the house was worth $78,000 and had a mortgage of $52,000, so the equity was $26,000. now sally is getting divorced. today the house, which is not their marital residence, is worth $124,000 and the mortgage balance is $38,000, so the equity as increased to $86,000. what is the net value of the marital property?
$60,000
only the appreciation in equity since the marriage would be marital property
120
72 (t) 2 (c)
it allows the non employee spouse to take a one time distribution from the participant spouse's 401k plan without paying the tax penalty
121
when do depositions usually occur?
- after the trial
- after the close of discovery
- after the complaint
- after the waiting periodto
after the close of discovery
formal out of court, sworn testimony of a witness or party in a lawsuit, recorded by a court reporter for discovery or trial use. it allows attorneys to gather evidence, assess witness credibility and lock in testimony under oath, typically in a conference room without a judge present
121
which state do the parties elect to have their property treated as community property
- arizona
- alabama
- alaska
- arkansas
Alaska
122
what is the main purpose of a deposition?
to provide evidence that may be used for trial
depositions are the testimony of a witness taken out of court under oath and reduced to writing after discovery and prior to trial. the deposition may be used to discredit a witness if e changes his testimony during trial
123
what accurately describes how an expert witness gets qualified?
the lawyers can stipulate that a witness is qualified as an expert
124
following standards are listed in the CDFA code of ethics and professional responsibility
- integrity
- competence
- avoidance of legal advice
- competence
- objectivity
- professionalism
- compliance
125
how many days is the typical residency requirements for filing for divorce?
90 days
126
how many days to notify employer or plan administrator of a divorce or legal separation ?
60 days of the qualifying event
failure to notify them within the 60 days window can result in the loss of your right to continue coverage
CDFA
flashcards
Decks in class (3)
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