There is no concrete definition for who constitutes a high-net-worth couple under New Jersey family law. But usually, this is considered to be a couple who has more than $1 million worth in assets or a couple with one spouse owning or having ownership interest in a business. So, if you and your soon-to-be former spouse loosely fall under this categorization, you may look at your upcoming divorce proceedings differently. For example, a mediated divorce may have different benefits and drawbacks for you than it would a standard couple. That said, please continue reading to learn whether mediation is a sustainable alternative method for high-net-worth couples and how an experienced Morristown high net worth divorce attorney at Graves Andrews, LLC can help you make careful considerations before entering these sessions.
Is mediation a viable divorce option for high-net-worth couples?
First of all, you should understand what a mediated divorce entails. Here, you and your former spouse take the lead in negotiating a settlement agreement for your child custody, child support, spousal support, property division, and other relevant divorce-related terms. There will only be the presence of a neutral, third-party mediator to guide the conversations, advise on the implications of your decisions, and ultimately draw up a proposed agreement to be submitted to the New Jersey family court.
So as a high-net-worth couple, perhaps with a small public following, you may be drawn to mediation because your financial and personal details will be kept 100 percent confidential. And while money may not be an issue for you, it still does not hurt to opt for the cost-effective option of mediation. This method also offers you and your former spouse flexibility with scheduling sessions, which may be ideal if you are particularly occupied with your business or other demanding careers. In short, yes, mediation is a potentially viable alternative divorce option for you and your high-net-worth spouse.
What should I consider before my spouse and I enter mediation sessions?
It is typical for high-net-worth couples to mostly possess complex assets (i.e., business interests, real estate properties, offshore accounts, etc). If this is your and your former spouse’s case, you may find it difficult to accurately evaluate these assets to make a fair split in your mediation sessions. What’s more, it may be difficult to predict their potential tax implications. Overall, the property division portion of mediation negotiations is usually what drives high-net-worth couples toward litigated proceedings.
However, you must not let this fear completely deter you from their alternative divorce method. Rather, you should hire a financial expert to participate in your mediation. This may be enough to help you and your former spouse make informed decisions and bridge the gap for an equitable agreement.
To learn more about handling your mediation sessions, please contact a skilled Morristown family law attorney from Graves Andrews, LLC. Better yet, schedule your initial consultation with our firm today.
