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Legal and Financial Considerations in Divorce Flashcards

7 cards from real CDC practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Legal and Financial Considerations in Divorce flashcards as text

  1. A former spouse who was married for 12 years, is age 62, and has not remarried wants to know about Social Security. Which statement is accurate?

    Answer: She may be eligible for divorced-spouse benefits of up to 50% of the ex-spouse's full retirement benefit

    A divorced spouse married at least 10 years, unmarried, and 62+ may claim up to half of the ex's full retirement benefit without affecting the ex.

  2. Under COBRA, how long can a former spouse generally continue coverage on the employee's group health plan after a divorce?

    Answer: Up to 36 months

    Divorce is a qualifying event that allows a former spouse up to 36 months of COBRA continuation coverage.

  3. For federal income tax purposes, a person's marital status for the entire tax year is determined as of which date?

    Answer: December 31

    If a divorce is final by December 31, the person is considered unmarried for that entire tax year.

  4. Which divorce process involves each spouse retaining a specially trained attorney, with everyone signing an agreement that the attorneys will withdraw if the case goes to court?

    Answer: Collaborative divorce

    Collaborative divorce uses a participation agreement that disqualifies the collaborative attorneys from litigating the case.

  5. How are child support payments treated for federal income tax purposes?

    Answer: Not deductible by the payer and not taxable to the recipient

    Child support is tax-neutral: the payer gets no deduction and the recipient reports no income.

  6. A noncustodial parent may claim the child tax credit if the custodial parent signs which IRS form releasing the claim?

    Answer: Form 8332

    Form 8332 allows the custodial parent to release the claim to the child to the noncustodial parent.

  7. One spouse spent large sums of marital money on an extramarital affair in the months before filing. What legal concept may let the court credit the other spouse for these losses?

    Answer: Dissipation of marital assets

    Dissipation refers to wasting marital assets for non-marital purposes, often near the breakdown of the marriage.