For divorcing couples, significant assets create significantly different sets of concerns. There may be privacy issues, business interests, tax issues and wealth/estate planning aspects to a high-net-worth divorce that aren’t present in other marriage dissolutions. And, of course, the spouses generally want to avoid burning through their assets to fund expensive litigation.
At Albin Oldner Law, we’ve found that our clients of means, whether they be business owners, athletes or executives, are often excellent candidates for divorce mediation. In this article, we’ll briefly explain what mediation is and why it can be the right choice for people with complex financial lives.
What Is Divorce Mediation?
Mediation is an out-of-court process that allows couples to negotiate a divorce agreement without resorting to court. Mediation sessions take place at a location agreed upon by the couple. Each spouse can have an attorney present. The sessions are led by a Texas divorce mediator.
The mediator is a neutral party, not an advocate for either side. The mediator facilitates discussion and helps the parties find areas of mutual agreement. Once a settlement is reached, it gets filed with a judge for approval, all without either party needing to experience the stress of traditional litigation.
We currently have three mediators on staff who are very experienced in high-asset divorces.
Advantages of Divorce Mediation for Wealthy Couples
Mediation offers several advantages that couples of means tend to find valuable, including:
- Privacy: Unlike court cases, mediation sessions and settlements do not become part of the public record.
- Cost control: Litigation requires discovery, expert witnesses, depositions and more, all of which make costs rise quickly. Litigated divorces can also last a long time, which drives up attorney fees. By contrast, mediation is usually more efficient and moves much faster, potentially saving tens of thousands of dollars (or more) in legal fees.
- Control over the outcome: In mediation, you and your spouse go back and forth, with the help of the mediator, to find solutions to everything from child custody to property division. You both voluntarily agree to the final settlement. On the other hand, in litigation, your attorney argues the case and then the final outcome is left up to the judge.
- Preserving assets: In mediation, you have the ability to work within (or change) any existing financial or estate plans you may have in place. This helps you ensure your post-divorce affairs are in order and reduces the potential for nasty tax surprises or other unforeseen consequences in the wake of your divorce.
Learn More About Divorce Mediation in Texas
These are just a few of the reasons why you may want to consider mediation. The team at Albin Oldner Law would be pleased to meet with you and help you decide if mediation may be right for you. Call 214-430-4440 or send us a message to arrange a consultation at our offices in Frisco, Plano, or using a virtual meeting tool like Zoom.