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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.
An advantage of alimony is that in most states the monthly amount is set for life and not subject to change.
Choose wisely. There is only one correct answer.
True
False
False. In most states, alimony laws typically allow those paying alimony to modify the terms later if circumstances change.
2.
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.
3.
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.
4.
Marital property includes assets you brought into the marriage.
Choose wisely. There is only one correct answer.
True
False
False. This is separate property.
5.
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.
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