CDFA EXAM QUESTIONS WITH ANSWERS

CDFA EXAM QUESTIONS WITH ANSWERS 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 Depositions - ANSWER- Sworn testimony of a witness taken outside of court in the presence of lawyers for each side Interrogatories - ANSWER- A series of written questions submitted to the other party Request for production of documents - ANSWER- Requires the other party and third parties to produce documents necessary to understand the issues in the case Informal discovery - ANSWER- Can be as simple as one lawyer calling the other lawyer and saying send me everything you have on the Smith case including financial affidavits Appeals - ANSWER- If one of the divorce party strongly opposes the judges decision he or she can do this Error of law or abuse of discretion - ANSWER- Two reasons that you can file for an appeal 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 rej