The divorce process is often fraught with conflict. Emotions run high and contention easily boils over into frustration and anger. It doesn’t have to be this way, however. For couples who can put aside their differences and collaborate, mediation offers distinct advantages to traditional litigation. Nowhere is this more true than with couples who have a high net worth.
Privacy
A litigated divorce takes place in a public courtroom. Everything said in court and filed with the court becomes a matter of public record, accessible to anyone with an interest in what happened and why. Perhaps this is why so many celebrity couples choose a mediated divorce – it allows them to conclude their divorce away from the public eye. The same benefit holds true for high-asset couples. They may have assets and interests they would prefer to keep private – mediation give them this option.
Choice
Property division, in particular, can be a complex issue to resolve for high-net-worth couples. They may have business interests, investments, stock options or real estate which can complicate to process of dividing it. In a litigated divorce, the court will assume the role of dividing property. And while it will seek to do so in a fair manner, this doesn’t mean the parties involved in the divorce will be satisfied with the result. Mediation, on the other hand, gives the couple control of exactly how that property is divided, increasing satisfaction with the end result.
Time
Consider the amount of time it would take for a court to handle the many and varied property interests of a high-net-worth couple. Every asset and debt must be identified and valued before the process of division can even begin. This can take months, which is time that can be saved through mediation. No one knows the property better than the couple – working together, they can more quickly determine what’s important and what’s not, shaving months off the divorce process.