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Planning Beginner:
Financial Considerations in Divorce
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Choose wisely. There is only one correct answer to each question.
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1.
Which of the following is true regarding alimony negotiations?
Choose wisely. There is only one correct answer.
Online and printed self-help materials are excellent resources for those who wish to handle it themselves.
Judges generally set alimony after referring to state guidelines and allow little or no departure through the parties' negotiations
Alimony is tax-free to the recipient
None of the above are true
None of the above are true. The opposite of each statement is true.
2.
Child support ________.
Choose wisely. There is only one correct answer.
Is not taxable to the person who receives it and not tax deductible to the person who pays it
Is paid to the custodial parent, who has full discretion under the law as to how it is spent
Cannot lawfully be spent in any manner that benefits the custodial parent
All the above
Is not taxable to the person who receives it and not tax deductible to the person who pays it. The other two choices are not accurate.
3.
Regarding individual retirement accounts and divorce, which of the following is true of the beneficiary designation forms?
Choose wisely. There is only one correct answer.
They determine where an IRA goes upon the owner's death
They are automatically revised by the court order granting a divorce
Both the above
None of the above
They determine where an IRA goes upon the owner's death. The court does not control assets that have designated beneficiaries.
4.
Which of the following is a factor in setting alimony?
Choose wisely. There is only one correct answer.
The amount of marital property that was awarded to each spouse by the court
The relative degree of fault of each spouse in causing the divorce
Both of the above are factors
None of the above are factors
The amount of marital property that was awarded to each spouse by the court. Fault is generally not a factor.
5.
When setting child support payments, the court has complete discretion under the law.
Choose wisely. There is only one correct answer.
True
False
False. The court must refer to child support guidelines provided by law.
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