Planning Beginner: Financial Considerations in Divorce

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Which of the following is a factor in setting alimony?

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.

Regarding individual retirement accounts and divorce, which of the following is true of the beneficiary designation forms?

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.

Which of the following is true regarding alimony negotiations?

It is often wise to seek the services of a financial planner in making financial projections and calculations.

Alimony recipients should keep in mind that they will likely become ineligible to collect state unemployment benefits.

Alimony is determined primarily by reference to factors provided by state law, so the parties have little flexibility in their negotiations.

It is often wise to seek the services of a financial planner in making financial projections and calculations. Very often, attorneys lack the necessary financial expertise.

Child support guidelines are set by federal law and are uniform throughout the country.

True

False

False. Child support guidelines vary widely by state.

Marital property includes assets you brought into the marriage.

True

False

False. This is separate property.