Benefits of Mediation for High-Asset Divorces
Regardless of whether you want to, New York State requires divorcing couples to at least attempt to resolve their matters in mediation prior to taking their case to trial. During trial, a judge will decide all matters or those that could not be resolved in mediation. But making a good-faith effort to resolve your issues in mediation is required by law.
That being said, there are a number of benefits to mediating a divorce. In this article, the Rockland County divorce attorneys at The Law Office of Robert S. Sunshine, P.C. will discuss the benefits of mediation for high-asset couples.
Confidentiality and privacy
High-asset divorces often attract attention. Mediation provides a confidential and private environment where sensitive financial information can be discussed. All issues that are resolved in mediation remain confidential. Issues that go before a judge are a matter of public record. For those who want to maintain their privacy, mediation offers a way to do that.
Controlling the outcome
You and your former spouse decide all issues in mediation. You must be able to come to a consensus, but the power remains in your hands. Once you’re before a judge, the judge decides all key issues. The power is no longer in your hands. The outcome is up to the judge. Mediation allows your family to maintain control over the final outcome.
Mediation promotes cooperation
When you litigate a divorce, you and your former spouse battle it out before a judge. Each side has their own attorney and each attorney makes their own arguments on their client’s behalf. Litigation fuels an aura of animosity and separation. As a high-asset couple, you may share business interests, investments, or other financial ties. Mediation promotes an amicable atmosphere that helps to preserve important business relationships.
Mediation is significantly cheaper
Litigation is expensive. Each side has their own attorney who drafts motions. Then a judge considers the motion, rules on the motion, and determines the outcome. In some cases, especially high-net-worth divorces, accountants and evaluators must be brought in to determine the value of lucrative assets. In some cases, each side will present its own expert, who will need to be paid. Meanwhile, both parties are losing thousands of dollars in legal fees while this occurs. In mediation, you can bring in one expert to help you determine the value of lucrative property and not end up paying two. While you can have your own attorney represent your interests in mediation, there is no requirement to do so. Mediation can save you thousands of dollars in attorney fees.
Talk to a Rockland County, NY Family Law Attorney Today
The Westchester County family lawyers at The Law Office of Robert S. Sunshine represent the interests of those who are pursuing a divorce in New York State. Call our office today to schedule an appointment, and we can begin discussing key areas of interest such as equitable distribution of the marital estate, alimony, child custody, and child support.
