As a divorcing couple with substantial assets, you might face complex property issues like dividing multiple properties or addressing business interests. You might even be navigating custody arrangements. These complexities can certainly make the divorce process more challenging.
But don’t worry, you have options. Both mediation and litigation can help resolve these issues in a high-asset divorce. But you might wonder, which choice is better for you?
There’s no one-size-fits-all answer because the best choice depends on your specific circumstances. However, understanding the differences between mediation and litigation can help you make an informed decision.
Addressing divorce issues with mediation
In divorce mediation, you and your spouse control the process. You work together to reach a settlement with the help of a neutral third party. This method can be less adversarial and help preserve relationships, which is especially beneficial if you have children.
However, both parties must compromise and work toward a mutual agreement. This can be a challenge, mainly if there are significant disagreements or if emotions run high.
Choosing to resolve issues in court
On the other hand, litigation is a process where a judge makes decisions for you. This method might be necessary if you have complex financial matters, such as dividing businesses or assessing high-value assets, or your relationship with your spouse is contentious. These factors make litigation a potentially important option to consider.
But remember, litigation is more time-consuming, costly and public. It also gives the sole decision-making power to a judge. Since they rely on legal guidelines, their decisions might not fully align with your personal wishes or expectations. Whatever they decide, you should know that their decision is usually final. Although, under certain circumstances, an appeal might be possible.
Facing a high-asset divorce
When facing a high-asset divorce, weighing these factors when deciding between mediation and litigation is crucial. The stakes are high, and each decision can significantly affect your future. It’s important to do your research, understand the process and carefully consider the implications of each decision. As you begin this process, you’ll find that each route, whether mediation or litigation, has its own complexities. These might include dividing shared business interests or valuing high-worth assets.
Because of this, consider seeking an attorney. They can help you decide which is best.
