Support and Maintenance
KNOWLEDGE EXPECTED OF: CFP® Professionals
Highest Knowledge Level: Understanding
Knowledge Levels and Associated Verbs
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Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
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Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
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Application
Ability to put information to use / to use knowledge for relevant, practical purposes
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Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
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Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
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Determine
To ascertain / to come to a decision, such as by investigation or reasoning
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Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
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Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally
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Hold cursor over or click on each term to read its definition.
Additional Knowledge Expected of CFP Professionals
Child Support
- Identify that parents have a responsibility to support their children regardless of the parents’ marital status.
- Identify that generally, evidence of financial arrangements for children must be made before a divorce is granted.
- Identify child support guidelines that may be used in determining the support required by a parent for a child, such as:
- Federal child support guidelines
- Provincial child support guidelines
- Agreement between parents
- Explain variables that may affect the calculation of child support, such as:
- Number of children
- Custody arrangement
- Residence of the payer
- Income of the payer
- Special or extraordinary expenses
- Explain how the number of children requiring support may be determined under child support guidelines for family law purposes.1
Spousal Support
- Identify that spousal support guidelines exist.
- Explain outcomes that may occur if support payments are not made.2
- Explain the methods that may be used by government agencies with the authority to collect support payments, such as:
- Through garnishment
- Through direct debit
- Withholding tax refunds and benefits
