You and your spouse are preparing to divorce, but you have no idea what will happen to your financial holdings. The best thing to do, whether or not a major confrontation is expected, is to be ready for anything. When it comes time to negotiate a split of assets, the stakes go higher if you and your partner have a lot of money. Increasing numbers of divorcing spouses are realising the benefits of mediation. Discuss your case with qualified lawyers at The Harris Firm, LLC.
Keep Your Identity Secret
One of the main advantages of mediation is that it may be done in private. If you and your significant other have a lot of money, you might expect to attract some attention. Mediation is a private and confidential alternative to going to court if you don’t want the contents of your case to become gossip fodder. What happens in a mediation session and what is agreed upon during that session are private.
Save Yourself Some Money & Effort
Both parties can often benefit from the time and money savings mediation offers. Divorce proceedings can drag on for months, even years when substantial assets are at stake on both sides. Neither party wins, and a compromise not much different from what you could have reached through mediation is the most common conclusion. During mediation, both parties can work toward a compromise that satisfies their needs. Divorce cases can still be litigated if the parties involved are unable to come to an agreement.
Avoid Losing Your Cool
You’ve put in a lot of time and effort to build your wealth, and you probably don’t want to see it all swept away without a fight. A lot of that discretion will be taken away from you if your divorce ends up in court. The court has the final say in your divorce settlement, and his or her judgment may or may not please you or your spouse.
You may come out with even less than that. Since the agreements reached in mediation are not binding under law, you are not obligated to accept terms that are not acceptable to you. The order will not have any force until it is drafted and submitted to the court.
You and your ex-spouse have the right to withdraw from the mediation process at any moment and move forward with court proceedings. Since each side benefits from avoiding litigation, settling differences through mediation is a viable option.