Affluent spouses often harbor a belief that due to the complexity of their divorce, litigation is inevitable. It is not, however, necessary to litigate a divorce involving significant, diverse, or complex assets. Rather, effectively engaging in collaborative divorce strategies in a high-asset divorce may be a powerful option for prioritizing asset preservation and privacy.
While courtroom hearings are made a matter of public record, conversations and deals behind the closed doors of a mediation room can be kept confidential. Litigation may also result in a financially damaging division of assets and debts due to the limited judicial solutions available without an agreement between the spouses. A risk assessment and cost-benefit analysis may be performed to determine the potential financial effects of divorce litigation vs. mediation so that you can reach a well-informed decision. Our attorneys can offer you a case assessment to provide you with more particular advice pertaining to your unique situation.
The Asset Preservation Benefits of Mediation
A court’s treatment of any given asset classified as marital property cannot be predicted with any degree of certainty. It may be prudent to reach an agreement with your spouse rather than turning the matter over to a judge. Litigation can deplete assets in a number of ways, in addition to potentially leading to the division of an asset in a manner that is not grounded in good financial sense.
In a simplified example, a judge may order the marital home sold and the profits split between spouses. On its face, the order may appear sound and equitable. However, there may be no consideration given to the current state of the housing market. Should such an order be issued in a buyer’s market, both parties may lose a significant sum due to being forced to sell the house promptly rather than waiting for a more favorable market. Similar damage may come when accounts are prematurely split or stock portfolios are split unevenly.
Additionally, litigation in such complex cases may be prolonged. Court costs and attorney’s fees may become substantial as the courtroom battle continues for months or years. The process of mediation or negotiation may be accomplished in a much briefer time period.
Privacy and Mediation
With very limited exceptions, evidence and testimony given in a court of law are not private. Transcripts may be subject to a public records request, inviting unwanted onlookers to delve into the details of your divorce dispute. Often, private affairs held sacred within the bounds of matrimony come to light in the process of resolving a divorce in court.
No camera crews or reporters are welcome in the conference room where divorce settlement talks take place, nor can curious private parties obtain evidence of what has taken place in mediation efforts. If discretion is a priority for you and your spouse, this benefit alone may be significant enough to influence you toward collaborative methods of divorce resolution.
Contact a DuPage County Divorce Lawyer
Botti Marinaccio, LTD. has unique experience handling high-profile and high-asset divorce. Our skilled Burr Ridge divorce attorneys will strive to maintain your privacy and aid in asset preservation to the furthest extent possible. Call 630-575-8585 for a confidential consultation.