A high net worth divorce is one which involves assets that have a high monetary value. While there is no formal definition of a high net worth divorce, it has traditionally been defined as a divorce involving more than one million dollars ($1,000,000.00) in assets.
People who approach those high net worth divorce situations tend to expect an expensive, drawn out process which relies on the court to make the decisions—and understandably so due to all that is involved. What might be surprising to learn, though, is that there are other processes to consider such as mediation which allows a couple to work together on a solution to divorce via a neutral third party that can offer multiple benefits to high net worth individuals. Below are some of those benefits to consider:
- Control the Outcome – With mediation, both parties go back and forth on a topic, such as property division, and voluntarily agree on the final settlement. This is different from traditional litigation where an attorney represents the case and the judge makes the final decision.
- Gain Privacy – Unlike the traditional divorce process where the court decides economic issues, the financial matters in divorces that use mediation and reach a settlement do not become part of the public record. The mediation sessions and resolutions are private.
- Protect Assets – A divorce mediator should prioritize equitable dissolution and fairly protect both spouses’ financial interests. In addition, during this process, one can review and work to update already established plans, such as estate plans, to ensure everything is in place to protect one’s assets after the divorce is final.
RELATED: Read these top Q&As about mediation.
Regardless of which route one chooses for a high net worth divorce, we highly recommend that the individual consult with an experienced divorce attorney who can provide a knowledgeable recommendation and ensure that all options are being considered.
If you find yourself in a high net worth divorce situation and want to ensure you take the right route to resolve it, our attorneys who are well-versed in high net worth and complex family law matters can help. Contact us now to set up a consultation however it is most convenient for you—via telephone, video, or in person.
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