Let us say that you and your spouse have amassed significant assets during the years of your marriage. Now your marriage is coming to an end and you face a high-net-worth divorce.
You dread the idea of an expensive, lengthy and possibly acrimonious court process. Consider mediation, an alternative to litigation that comes with benefits and puts you in control of your divorce.
A popular option
Almost 50% of the marriages in our country end in divorce. Largely because mediation is less costly and time-consuming, it is becoming increasingly popular as an alternative to litigation. The divorcing couple meets with a mediator, a neutral third party trained in this form of Alternative Dispute Resolution, whose goal is to guide them toward a mutually satisfactory divorce settlement.
To many wealthy couples, one of the most troubling aspects of a traditional divorce in court is that the whole process becomes public. On the other hand, mediation is confidential, a process handled in private outside the courtroom. Without a judge making decisions about their lives, the participants feel much more in control of the outcome of the mediation process. Issues to decide include spousal and child support, custody and parenting time as well as the ultimate distribution of assets. Because the couple works as a team in decision-making, there is less stress associated with the divorce not only for the couple, but also for their children. In this process, the foundation is laid for open lines of communication and a non-adversarial and continuous relationship.
Among other considerations, the marital assets the couple has accumulated determine the complexity of the divorce. Mediation sometimes only takes one session, but a high-net-worth case may require several. Still, given the aforementioned benefits, mediation is a far more reasonable approach to ending a marriage than a long drawn out courtroom battle. When the divorcing couple takes control, the prospects for a secure and happy life after divorce normally appear considerably brighter.