CDFA UPDATED ACTUAL Questions and CORRECT Answers
a divorce proceeding in which the parties represent them-
pro se divorce
selves in the divorce action
a divorce granted without either party having to prove the
no-fault divorce
other party guilty of misconduct
at least one spouse must be a resident for a certain peri-
Residency Period od of the time before the court has jurisdiction and the
divorce proceedings can begin =about 90 days
the minimum time it takes to complete a divorce once the
cooling-off period
compliant is filed
the sworn testimony of a witness taken outside of the court
Deposition
in the presence of lawyers for each side
A resume that is prepared by an expert witness to show
curriculum vitae
their qualifications in their area of expertise
Where the opposing counsel has the opportunity to dis-
Voir Dire
qualify an expert witness
1. Explain Assignment 2. Explain general procedures and
assumptions 3. Summarize work 4. Admit exhibts and Name the 4 direct examination steps
explain reports
advocate An expert witness is not a
Name the court room apperance sequence of events for
1. Voir Dire 2. Direct Exam 3. Cross exam 4. Redirect exam
the expert witness
401k contributions & mortgage principal payments What are two items that are not itemized deductions
1.45% Medicare tax is what % on all income
26 bi weekly has how many payments in a year?
What is the max income subject to SS and what percent-
$132,900, 6.2%, $8239.80, monthly- $686.65
age for a year and month?
, includes what a person brings into the marriage, inherits
Separate Property during the marriage and receives as a gift during the
marriage
everything aquired during the marriage regardless of
Marital Property
which spouse owns the property
5 years How far back of tax returns should a CDFA look into?
TWIN CAN LAW- Texas, Washington, Idaho, Nevada, Cal-
ifornia, Arizona, New Mexico, Louisiana and sometimes List the states that are community property states
Alaska and Wisconsin
This property division is 50/50. Any property deems "not
seperate" and any property acquired in this property state
Community Property State
retains its property state no matter where the couple
moves
Divide property based on considerations to achieve an
Equitable Distribution State
equitable and fair distribution- not an equal one
A court ruling ear marking a portion of a persons re-
Qualified Domestic Relations Order (QDRO) tirement or pension fund payments to be paid to their
exspouse as a division of marital assets
1. one spouse keeps it 2. both spouses keep 3. sell What are the 3 ways to divide a business?
If the Transfer of property occurs within X year(s) of mar-
1 year
riage then it is not taxable
If the transfer of property occurs not more than X year(s)
6 years after divorce and pursant to the divorce decree then it is
not taxable
Annuity transfers are a nontaxable event for both the
IRC 1041 transferor spouse and the transferee spouse under what
IRC ruling
Transferee Who is subject to the depreciation recapture in a divorce
Depreciation Recapture
a divorce proceeding in which the parties represent them-
pro se divorce
selves in the divorce action
a divorce granted without either party having to prove the
no-fault divorce
other party guilty of misconduct
at least one spouse must be a resident for a certain peri-
Residency Period od of the time before the court has jurisdiction and the
divorce proceedings can begin =about 90 days
the minimum time it takes to complete a divorce once the
cooling-off period
compliant is filed
the sworn testimony of a witness taken outside of the court
Deposition
in the presence of lawyers for each side
A resume that is prepared by an expert witness to show
curriculum vitae
their qualifications in their area of expertise
Where the opposing counsel has the opportunity to dis-
Voir Dire
qualify an expert witness
1. Explain Assignment 2. Explain general procedures and
assumptions 3. Summarize work 4. Admit exhibts and Name the 4 direct examination steps
explain reports
advocate An expert witness is not a
Name the court room apperance sequence of events for
1. Voir Dire 2. Direct Exam 3. Cross exam 4. Redirect exam
the expert witness
401k contributions & mortgage principal payments What are two items that are not itemized deductions
1.45% Medicare tax is what % on all income
26 bi weekly has how many payments in a year?
What is the max income subject to SS and what percent-
$132,900, 6.2%, $8239.80, monthly- $686.65
age for a year and month?
, includes what a person brings into the marriage, inherits
Separate Property during the marriage and receives as a gift during the
marriage
everything aquired during the marriage regardless of
Marital Property
which spouse owns the property
5 years How far back of tax returns should a CDFA look into?
TWIN CAN LAW- Texas, Washington, Idaho, Nevada, Cal-
ifornia, Arizona, New Mexico, Louisiana and sometimes List the states that are community property states
Alaska and Wisconsin
This property division is 50/50. Any property deems "not
seperate" and any property acquired in this property state
Community Property State
retains its property state no matter where the couple
moves
Divide property based on considerations to achieve an
Equitable Distribution State
equitable and fair distribution- not an equal one
A court ruling ear marking a portion of a persons re-
Qualified Domestic Relations Order (QDRO) tirement or pension fund payments to be paid to their
exspouse as a division of marital assets
1. one spouse keeps it 2. both spouses keep 3. sell What are the 3 ways to divide a business?
If the Transfer of property occurs within X year(s) of mar-
1 year
riage then it is not taxable
If the transfer of property occurs not more than X year(s)
6 years after divorce and pursant to the divorce decree then it is
not taxable
Annuity transfers are a nontaxable event for both the
IRC 1041 transferor spouse and the transferee spouse under what
IRC ruling
Transferee Who is subject to the depreciation recapture in a divorce
Depreciation Recapture
