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The Importance Of Mediating A High Asset Divorce Case

People generally have no idea about the amount of effort and sacrifice it takes for someone to amass a high net worth. People who possess an estate worth $10 million or more probably didn’t inherit the money or win a lottery. Such people defer gratification of investments and regularly invest in their savings and investment accounts foregoing simple pleasures that they can afford and working in excess of 60 hours weekly to build their businesses or amass their wealth. When such a person is contemplating a divorce, they naturally seek to retain their hard earned fortune and resist division of their estate between them and their spouse. High asset divorces often involve parties who earn more than $500,000 annually or have a total net worth exceeding $5 million.

On the flip side, a spouse that has stayed at home, raising the children and managing the affairs of the home for their successful working spouse is also entitled to their fair share of the marital estate and support to maintain the standard of living established during the marriage while they try to establish their own earning capacity. Divorce scenarios involving high net worth estates are typically highly contentious with both parties retaining attorneys that have aggressive reputations. Such cases are often prolonged mudslinging matches that can be traumatic for everyone involved especially the children. Hiring such aggressive divorce lawyers with reputations for “handling” high asset divorces often charge a  $25,000 retainer upfront. Although these attorneys may be upright, hard-working professionals aggressively seeking to protect their client’s best interests, sometimes they have no choice but to draw out cases having multiple consequences least of all costing up to $200,000 or more in attorney’s fees.

In order to avoid having a contentious trial with protracted legal costs, the process of mediation should be employed in such high asset divorce cases. Parties involved in high asset divorce scenarios are often skeptical about whether divorce mediation is suitable for them and they assume that the complex financial considerations of their divorce may require the input of multiple attorneys thereby compounding their problems. Some of the advantages of mediating a high asset divorce are as follows:

  • Mediation protects the confidentiality of the couple thereby avoiding a public audit of the their finances.
  • Intangible aspects such as the couple’s reputation in the community, their relationship to their children, friends and family are taken into account in mediation
  • In a mediation the couple mutually work together to resolve their disputes instead of antagonizing each other as opponents.
  • Mediation models mature problem solving for children.
  • Mediation of a high net worth estate can typically be accomplished in 2 to 3 mediation sessions resulting in savings of hundreds of thousands of hard earned dollars.
  • The parties make all the decisions in a mediation instead of the courts

In today’s day and age divorce litigation has become even more complex than it was before. Mediators are often experienced divorce and family law attorneys who are fully aware of the complexity of a fully litigated high asset divorce. If you are contemplating a divorce and wish to protect your hard earned wealth in the process it is vital that you contact an experienced family attorney to choose the best avenue possible for your particular situation.

 

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