Does mediation work in high-asset divorces?

| Aug 26, 2018 | Firm News

The subject of divorce contains many myths, some as a result of the process being different for every couple. One of these myths is that litigation is the only way (or at least the best way) to resolve high-asset divorces and that alternative methods such as mediation are most effective for those with simple cases.

Naturally, any method will be easier when the marriage has few variables such as children and money. However, mediation is just as productive for couples with lots of complex marital property.

Why does mediation work?

What matters more than how many assets you have is your attitude toward the divorce. Mediation works because it fosters cooperation and communication. It puts you two in control of your outcome. If you are willing to try this approach and put the interests of your children, well-being and future first over your current emotions, then you can be successful despite the complications of your case. 

Tips for successful mediation

Of course, this does not mean it will be easy. Working through divorce terms with the person you no longer want to be with will be challenging. However, you can improve the chances of success by doing the following:

  • Commit to honesty. When everything is on the table, you can come to a more favorable agreement and avoid litigation later on.
  • Utilize all relevant professionals. The mediator only acts as a facilitator and guide. You will need the help of other professionals for steps such as the valuation of a business.
  • Think outside the box. You do not have to split every asset down the middle. Frequently, it is more cost-effective and efficient to give up one asset in exchange for another. Additional options are available that can be best for avoiding tax penalties and other financial consequences. Any prenuptial agreement you have will also affect property division.
  • Be flexible. Prioritize what terms are most important to you and be flexible with the rest to reduce contention.

Your divorce does not have to be as bad as you expect it to be if you and your ex can work together for a short time toward a common goal.