KNOWLEDGE EXPECTED OF: CFP® Professionals Only
- Define a domestic contract.
- Define independent legal advice (ILA).
- Explain the importance of each spouse having independent legal advice (ILA) regarding a domestic contract.
- Explain how a domestic contract may be agreed upon.
- Identify that the format of an enforceable domestic contract varies across jurisdictions.
- Identify types of domestic contracts, such as:
- Cohabitation agreements
- Marriage contracts
- Separation/divorce agreements
- Explain the purpose of each type of domestic contract.
- Explain that cohabitation and marriage contracts may contain covenants related to any part of the relationship.
- Identify covenants contained within a separation agreement, such as:
- Promise to live separate and apart
- Promise not to interfere in the life of the other party
- Spousal support
- Child support
- Custody and access to children
- Division of property
- Duration of agreement
- Terms for termination of agreement
Glossary of Verbs (mouse over to see definition)
To state exactly the meaning of
To be aware of / to recognize and correctly name / to locate an appropriate resource
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
To note the similarities and differences between two or more things
To determine an approximate value for
To find the value using mathematics
To change from one form or purpose to another
To reach a conclusion or make a judgement through careful study
To give the meaning of / to construe or understand / to translate orally