Creative Problem Solving During Divorce
Does one size fit all?
While this concept is most commonly applied to clothing (these items rarely fit properly), it also used in divorce settlements. Regardless if the settlement is in Nashville, Brentwood, TN or your city and state. Your family is unique and so are your needs. Yes, attorneys tell me a 50 / 50 division of assets is common in Tennessee. However, how the 50 % is achieved does not mean that every asset is divided evenly. Perhaps one spouse needs more cash. Perhaps one spouse wants to keep the frequent flyer miles, the house or a specific stock. Perhaps one spouse needs more retirement funds because their ability to contribute to retirement post-divorce is limited.
The short- and long-term needs of both spouses should be considered when dividing assets and debts. In all my years of practice, I've never had the exact same settlement twice. Just as a custom suit fits perfectly, a divorce settlement should be a custom fit and address the needs of each member of your family today and tomorrow. A financially smart and equitable divorce settlement can be achieved. However, it typically requires thinking outside the box.