CDFA Exam Questions With 10% Verified Solutions

CDFA Exam Questions With 10% Verified Solutions Failure to file or amend documents - ANSWER- One issue often faced by divorcees is finding out after the divorce has been filed that certain documents have not been amended or filed 26 - ANSWER- If you are paid biweekly you receive this many paychecks 24 - ANSWER- If you're paid semi monthly you receive this many paychecks $106,800 - ANSWER- Maximum amount subject to Social Security taxes 4.2% - ANSWER- Tax rate of the Social Security taxes $374 - ANSWER- $106,800 * 4.2%12 Average monthly social security contribution Voir dire - ANSWER- You'll be asked questions designed to disqualify you by showing that you are not an expert or to show the judge why less weight should be placed on your testimony 1.45% - ANSWER- Current Medicare tax rate 100% - ANSWER- How much of the income is taxable to Medicare 401K contribution - ANSWER- Cannot be counted on the financial affidavit because it's a voluntary contribution 0.0833 - ANSWER- If you receive an annual one time bonus it should be multiplied by ____ to obtain it's monthly income Interrogatories - ANSWER- A CDFA professional is not trained to interview client to complete ANSWERs to True - ANSWER- A judge can reject a settlement agreement even if both parties agree true or false False - ANSWER- CDFA professionals can negotiate a settlement true or false 90 - ANSWER- How many days is the typical residency requirement for filing for divorce 50 - ANSWER- According to statistics approximately how many divorce cases use the pro se approach to settlement Cooling off period - ANSWER- The minimum period of time that it takes to complete a divorce case once the complaint has been filed Texas - ANSWER- Which state does not recognize legal separation's False - ANSWER- Conversations with the client when the attorney is not present are protected by attorney-client privilege No - ANSWER- Is mediation binding Positional bargaining - ANSWER- Start with the solution: one party proposes a solution and the other party makes an offer Interest based bargaining - ANSWER- Starts with the parties educating each other about their interest Mediation - ANSWER- Regardless of type does not require a resolution if the parties cannot resolve their issues they can go to trial Collaborative divorce - ANSWER- They knew and highly effective divorce method in which each party retained an attorney who has gone through specialized training 5 - ANSWER- What percentage of divorce cases actually go to trial Summons - ANSWER- A written notification to the defendant or respondent that an action has been filed against him or her True - ANSWER- Children from another relationship are not relevant in calculating maintenance Parties - ANSWER- After the divorce is final who is responsible for filing the paperwork to transfer assets A CDFA is not an - ANSWER- Attorney, business appraiser, pension valuator, actuary, CPA, or mediator Pro se divorce - ANSWER- When a person chooses not to use an attorney. Two types of waiting periods - ANSWER- Residency and cooling off period Residency period - ANSWER- One spouse must be a resident for a certain period of time. Typical length is 90 days Cooling off period - ANSWER- Minimum time it takes to complete a divorce as outlined by the state. Average cooling off period - ANSWER- 90 days What 9 states recognize common law marriage - ANSWER- Alabama, Colorado, Kansas, Rhode Island, South Carolina , Iowa, Montana, Oklahoma, Pennsylvania. States with grandfathered common-law marriage - ANSWER- Georgia Idaho Ohio Oklahoma, Texas and District of Columbia Mediation - ANSWER- A resolution method in which an independent third-party works with the couple to mediate a divorce settlement Positional bargaining - ANSWER- Starts with the solution. One party proposes a solution and the other party makes an offer and then counter offers are made until a resolution is found that works for both parties Interest based bargaining - ANSWER- It starts with each party educating the others about their interest the parties will work together until they find solutions that will allow both parties to meet their needs Arbitration - ANSWER- The power is totally with the arbitrator. Less costly than a court trial Collaborative divorce - ANSWER- A team approach to divorce One major difference between collaborative divorce and mediation - ANSWER- In mediation, there is one neutral third-party who helps the disputing parties try to settle the case. And collaborative divorce all parties are present and caboodle to settlement as their sole agenda Discovery - ANSWER- The process of gathering information about the nature, scope, and credibility of the opposing parties claim Formal and informal - ANSWER- The two types of discovery