While not many high net worth divorcing spouses are able to work out all their disputes during an out of court proceeding, a great number of couples manage to reach an agreement through mediation regarding:
- property division
- child custody
- spousal support
- business interests
Unlike having a judge holding the final decision, mediation allows parting spouses to take control of their divorce outcome. Furthermore, this procedure might be considered a more practical alternative for high net worth couples who would like to finalize their divorce process rapidly and privately.
How Does Mediation Work in a High Asset Divorce?
Mediation is a preferred settlement method for couples who are willing to negotiate and come to an agreement following a high net worth divorce. When multiple assets are involved, the separation proceedings might become more complicated. Mediation encourages parting couples to solve their legal troubles. If there are difficulties in coming to a mutual understanding, the mediator may offer effective solutions. Typically a family lawyer, the mediator is a professional who:
- is a neutral third party
- has conflict resolution skills
- works with both sides in reaching an agreement
- allows both spouses to present their opinions
During high net worth divorce mediation, the guided negotiations focus on all related issues, such as:
- property and debts assignment and division
- child support and custody
- business and asset management
- prenuptial agreements
Mediation can offer functional solutions and fair agreements on every aspect of a high asset divorce. After addressing all these areas of interest during divorce mediation, couples may enter into a binding separation agreement and avoid judicial intervention.
The Advantages of Mediation over Litigation
Parties usually prepare for mediation the same as they would for a court trial, but aside from gathering financial records and asset lists, there are no other similarities involved. Mediation does not provide an adversarial context, and the overall atmosphere during the process is not hostile. Divorce mediation can prove beneficial for high net worth couples for several reasons:
- Cost-effective and less time-consuming - mediation is less expensive than traditional litigation, which can last for months. There are no extra costs for multiple attorneys or financial experts and no legal or court fees incurred. It is a much faster process and takes place according to the timeframe set by the couple. Resolutions can be reached swiftly, regardless of the range and complexity of assets to be divided.
- Higher success rate - spouses are encouraged to compromise and solve their divorce-related issues in a mutually advantageous manner, especially when they have assets that suffer the more prolonged a divorce becomes.
- Better communication - communication is strongly supported, as it can result in a fair agreement about your assets and a better post-divorce relationship.
- Flexibility - when multiple assets are involved, it is best to have the flexibility to determine the best outcome to benefit you and your children. Being in control over property division or child custody arrangements allows for a fair decision-making process.
- Privacy - unlike a standard trial, communications during mediation remain confidential, and proceedings are not made public. Furthermore, mediators cannot testify in court about anything discussed during your meetings if mediation fails. Mediation allows for divorcing couples to protect their privacy while reducing marital conflict.
The Law Offices of Sean M. Cleary Provides Quality Legal Assistance in High Net Worth Divorce
When there are significant and numerous assets to divide, high net worth couples may choose to avoid unnecessary complications by going through divorce mediation.
This out of court procedure works when both parties:
- are willing to negotiate
- wish to settle their divorce more quickly
The dedicated high asset divorce attorney at The Law Offices of Sean M. Cleary is committed to delivering a beneficial outcome in your high net worth divorce through mediation or trial, if necessary.
To learn more about mediation and why it may be right for you, feel free to contact us today, and we will assist you throughout every step of your case.