For divorcing spouses with financial means, the first inclination is often to hire the best divorce attorney money can buy. However, a long and protracted divorce proceeding is usually not in your best interests. For one thing, if both of you come to the table with expensive lawyers, they have a vested interest in dragging out the process; and in the end, the adversarial nature of the proceeding could leave the family fractured to the point where it will be difficult to pick up the pieces.
There is an increasingly popular alternative many high net-worth couples are turning to in place of litigation: divorce mediation. One of the biggest benefits of mediation is reduced cost. The terms and conditions of the divorce are worked out during a series of sessions conducted by a neutral mediator.
The mediator has no authority to make decisions regarding the terms and conditions of the settlement. Instead, their job is to lead the discussion and move both parties toward a win-win resolution.
Aside from the financial benefits, divorce mediation offers several other advantages, including:
Time Savings: A traditional divorce proceeding can take a year or more to complete. With mediation, your divorce can be settled as quickly as a few months.
Confidentiality: Mediation is a closed proceeding that does not become part of the public court records. This keeps the finances and other sensitive information private and away from public view.
Non-Adversarial: Mediation does not pit one spouse against the other. Rather, it encourages the couple to come together to resolve issues in a way that is mutually beneficial. This helps preserve family relationships.
Customizable Solutions: Divorce courts & Attorneys tend to take a cookie cutter approach when developing a settlement. With mediation, you are able to craft creative solutions that take into account your family’s unique dynamics.
Greater Control: A traditional divorce proceeding puts the court in control of crucial decisions about your future; such as how you will divide your assets, who has custody of the kids, etc. Mediation gives you and your spouse far more control over this process.
If you are a high net worth individual considering a divorce, the first thing a lawyer will want to see is your financials. Next, they will likely require you to put down a large retainer fee (somewhere in the neighborhood of $15,000 to $25,000 in most cases) just to get the process started. If you and your spouse are still on reasonably good terms and you are looking for a faster, more affordable and amicable way to dissolve your marriage, divorce mediation may be the solution you are looking for.