High-asset divorces involve couples with a net worth that goes above average, usually involving a complex portfolio of property, investments, bank accounts, and other financial holdings. Couples with high net worth who face divorce have an added complication in that the division of their assets will likely be a difficult and challenging process.
In some cases, couples are able to come to negotiated agreements without resorting to the courtroom. Although not all high-asset divorces are good candidates for a mediation process, those that are will benefit in several ways. Here is some information about how mediation may work in your high-asset divorce:
Willingness to find shared solutions
The reason that high-asset divorces are more often prone to courtroom battles is due to the fact that finances can provoke protracted fights for control. Especially when one or both of the spouses feel that they are at a disadvantage and will be unable to maintain their current lifestyle following the divorce, the desire to fight until the bitter end can be quite strong.
In some cases, however, couples do have a willingness to find shared solutions. When this is the case, mediation can and should be an option. There are several benefits to mediation as opposed to a long court battle. One of the main advantages of seeking mediation is that it saves not only time but also money. In a high-asset divorce, where finances are at the center of the proceedings, every bit saved can benefit the couple that is willing to negotiate.
How mediation works
A family law attorney can work with you as your mediator. The benefit of hiring a family law attorney in a high-asset split is the specialized knowledge that an attorney brings to the table, which can best protect your interests. The sessions you attend in mediation lead to a binding agreement that the mediator registers with the court. You, therefore, have more control over the outcome and the decision-making. If your case goes to court, you are handing that power over to the judge.
If you feel there is room to work together in your high-asset divorce, you may wish to consider mediation as a voluntary option, rather than waiting for the court to impose it as a precursor to a litigated divorce. You will save time and money, and generally, have a lot less conflict and strife as you work towards a shared agreement.