The cost of a divorce and fear of losing financial stability is one reason high net worth married couples may stay together. However, collaborative divorce offers many benefits for couples facing a high net worth divorce.
How collaborative divorce works
Collaborative divorce involves negotiating the terms of your divorce rather than taking the issues into a courtroom. This negotiation is typically done with the help of a collaborative divorce team.
The team can include attorneys for each spouse and experts such as financial experts, child custody experts or any other professionals whose knowledge can help you reach a settlement.
You and your spouse work with your collaborative divorce team on your own schedules to decide when to meet, discuss issues and negotiate solutions. You will generally meet with your attorney privately to discuss your goals for the divorce and then meet with the collaborative team to talk about how to achieve these goals.
A more positive experience
There are many reasons that collaborative divorce could be a better option in high net worth divorces. Issues can sometimes be resolved quicker because you are not at the mercy of the court’s schedule.
Although Florida law requires spouses to be honest when disclosing their finances in a divorce, spouses choosing collaborative divorce know the process simply will not work if they are not honest.
Being honest and transparent about finances can be easier when using collaborative divorce because the atmosphere naturally encourages open discussion. It is quite different than the adversarial environment of a courtroom.
The benefit of confidentiality
A major advantage of collaborative divorce is the confidentiality and privacy it offers. This might be an important consideration for business owners or individuals with high-profile careers who do not want the lurid details of their divorce being made public.
Divorces are often a matter of public record. Collaborative divorce means that discussions and negotiations on all topics are kept private, including topics of a sensitive or personal nature.
With the right attitude, collaborative divorce can lead to a more positive financial outcome versus traditional courtroom litigation.