CDA Financial Planning & Property Division

Question 1

What is the main goal of property division in divorce?

Accepted Answer

To distribute property fairly

Answer

To split assets equally.

Answer

To give all property to one spouse.

Answer

To avoid taxes.

Question 2

What does 'marital property' typically include?

Accepted Answer

Assets acquired during marriage

Answer

Gifts and inheritances.

Answer

Personal belongings before marriage.

Answer

Separate bank accounts.

Question 3

What role does a Certified Divorce Advisor play in financial planning?

Accepted Answer

Guides on financial planning and division

Answer

Provides legal advice.

Answer

Acts as a mediator.

Answer

Drafts divorce petitions.

Question 4

What is a common method of valuing marital property?

Accepted Answer

Professional appraisals

Answer

Guesswork.

Answer

Court decision only.

Answer

Ignoring value.

Question 5

What financial document is important to disclose during divorce?

Accepted Answer

Tax returns

Answer

Social media posts.

Answer

Work emails.

Answer

Personal diary.

Question 6

How does spousal support affect financial planning?

Accepted Answer

It impacts budgeting and financial plans

Answer

It is irrelevant.

Answer

It must be ignored.

Answer

It increases assets.

Question 7

What tax consideration is important in property division?

Accepted Answer

Capital gains tax may apply

Answer

No taxes apply.

Answer

All transfers are tax-free.

Answer

Taxes are paid by the court.

Question 8

Why is budgeting critical post-divorce?

Accepted Answer

It supports financial stability

Answer

It is not critical.

Answer

It increases spending.

Answer

It reduces income.

Question 9

What should be included in a financial disclosure statement?

Accepted Answer

Income, debts, assets, and expenses

Answer

Only assets.

Answer

Income and debts only.

Answer

Personal opinions.