Module 1 - Current State of Divorce and CDFA Pro Flashcards
What is an Accountant?
A person who is qualified to keep, audit, and inspect the financial records of individuals or business concerns and prepares financial and tax reports.
Accountants play a crucial role in financial management and compliance.
What does an Actuary do?
A person whose work is to calculate statistically risks, premiums, and life expectancies for insurance and pension plans.
Actuaries use mathematics and statistics to assess financial risks.
Define an Attorney.
A person who is legally qualified and licensed to represent a person in a legal matter, such as a transaction or lawsuit.
Attorneys can specialize in various fields such as criminal law, family law, or corporate law.
What is a Business Valuator?
An individual who is trained in evaluating and assigning a value to a business.
Business valuators are often involved in mergers, acquisitions, and financial reporting.
What is Divorce?
The legal proceeding by which a marriage is legally terminated. It may be contested or uncontested.
Contested divorces involve disputes over terms, while uncontested divorces are agreed upon by both parties.
What is the role of a Mediator?
An individual who has been trained to assist people in coming to an agreement, especially one that reconciles differences between disputants.
Mediators facilitate negotiations and help parties find common ground.
What does a Pension Valuator do?
An individual who is qualified to calculate the value of defined benefit pension plans, such as the marital portion of a plan for the division of assets in a divorce.
Pension valuators ensure fair division of retirement benefits during legal proceedings.
