Divorce Facts
Write a Divorce Facts for Class:
Tom Terrific age 54 and Teri Terrific 50 have been married for 30 years. Tom is a plastic surgeon making about $350,000 per year. Teri is trained as a RN but hasn’t worked in the medical field for 25 years but she has a blog on medical remedies in the home which is extremely well received. She has been asked to write a book on her best remedies. It is speculated the book could cost her about $100,000 in up front expenses with expected royalties to exceed $1 million in 5 years.
They have three children Tim who is 23 and in his second year medical school at the University of Minnesota. His parents have paid all of his educational expenses and he has three years left of Med School at a cost of $200,000 although his residency should help. Tara is 17 and will graduate from high school in the spring. She is going to attend Colby College to enhance her social skills. She is a songwriter and hopes to be an author or television talk show host. College costs will be about $45,000 per year for her four year program and she has no intention of working but will be trying to write and sell her songs or short stories. Tucker is 9 and has learning disabilities. He could integrate into public school special education classes but the family has been sending him to a private school so he can receive more attention. The cost is about $12,000 per year. This cost does not include transportation. Currently Tom and Teri employ a nanny to help with Tucker and his special needs. She is responsible for dropping him off and picking him up.
The family owns 5 cars. Tom drives a Chevy truck with 120,000 miles on it. It is a 2008 Silverado. Teri drives a 2020 BMW sedan with 12,000 miles on it. Tim has a 2010 Corvette his grandfather bought him when he graduated from college but the car is in Tom’s name for insurance reasons. Tara has a 2018 Chevy Cruze with 1200 miles on it. It is in her mother’s name. The family also has a 1956 Buick LeSabre which was Teri’s grandparents and has been preserved by her as a show car even though it is hardly ever used except for parades that the kids are in.
They own two residences and a two week timeshare in Mexico. The principal residence is a five bedroom home in Maple Grove Wisconsin. It was assessed at $590,000 and there is a $200,000 mortgage on the house. They also have a cabin in Rhinelander on 4 acres worth $250,000 but in need of a lot of work and rarely used except by Tom and Tim for hunting or fishing trips. It was originally Tom’s parents place but they couldn’t afford to keep it up so Tom purchased it 15 years ago and his parents used it until 3 years ago when due to a stroke they had to move into assisted living in DeForest WI. Tom paid $50,000 for the place and now pays the cost of their private room at the care facility which is about $1200 a month. The timeshare weeks have been used for family trips since the purchase 7 years ago. The annual maintenance fees are $1800. Tom also has a one-fifth interest in a clinic building worth about $1 million but there is a covenant that says he can’t cash out his interest until he is 65.
They have personal property at the house equally in $50,000 although about a 1/3 of the property is used by the children in their rooms or as their personal property. Tara has very expensive tastes. The personal property at the cabin is worth about $8,000 on a good day with most of the value in the canoe and fishing boat. Tom has sporting goods of about $1000 and Teri has workout equipment and jewelry of over $20,000. She also has several antiques in the house or in storage from her family valued at over $100,000. Tom has medical equipment that is on his books at $350,000 but there is no market for this equipment.
The family has a joint checking account that Teri controls which covers household expenses. There is about $5,000 in the account but Tom puts in $10,000 a month. All family bills are paid from this account and if it is short Tom or Teri put in additional money. The family investment account is in a deferred annuity holding a stock portfolio of $125,000. Tom through his practice has a 401K retirement account of $670,000 that will vest when he is 62 but not before. He would also lose 50% if he resigned and went to work somewhere else. Teri received an inheritance of $500,000 from her grandparents which she has invested in a stock portfolio in her name with Tucker as the special needs trust beneficiary. Teri has credit card debts of around $43,000 that Tom is not aware of which she pays out of this inherited money. Otherwise they have only the mortgage and about $6000 in credit card debt.
Teri has developed a relationship with the producer who has worked with her on her blog and assisted her in getting radio and TV spots promoting her soon to written book and her blog. Much of the debts she has are a result of this affair. Her friend is not interested in a new life with her but she thinks if she was not married and didn’t have Tucker he would be.
Tom is worried about his future because he has been working 50 to 60 hours a week but not getting ahead. He is afraid that the industry is passing him by and that soon the only thing he will do is work in hospital emergency rooms doing crash victims rather than the cosmetic work which pays well. His income has been trending down by about 5% per year and he knows he will need to buy newer equipment and get more training to stay current and relevant. He realizes this will mean fewer productive hours. He is also depressed about his family not doing more together and seemingly going their own way. The trips up north are almost non-existent and last year’s Mexico vacation was a disaster. Even his wife had to arrive late and leave early. Only Tucker seems to be there for him all the time but Tucker can be a challenge. He loves Tucker though and would never give him up. Tucker’s nanny and Tom seem to spend more time together then Tom and his wife but the nanny is 25 years old so she is like his normal daughter as he tells his friends.
Now Teri has filed divorce. You represent Teri. Please develop what you would think would be a good divorce settlement or argue that there should be no divorce if you believe that is appropriate. You must deal with custody, child support, property division, maintenance (alimony), and the debts.
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