Planning Beginner: Financial Considerations in Divorce

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Which of the following is a factor in setting alimony?

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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?

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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.

Marital property includes assets you brought into the marriage.

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True

False

False. This is separate property.

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

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True

False

False. Child support guidelines vary widely by state.

Alimony is unearned, tax-free income to the recipient.

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True

False

False. Alimony is unearned income, but it is fully taxable.

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