Getting divorced can be challenging for any couple. However, when you have a high net worth and countless assets that you want to protect, the process can be even more challenging. Though you can choose to work with a New Jersey divorce attorney and file for a traditional divorce, letting the court manage your settlement, many high-asset couples prefer using mediation to reach a settlement. Let’s take a closer look.
What Is Mediation in a Divorce?
Mediation is the process of coming to an agreement with your spouse over the terms of your divorce without relying on the judge or the courts to determine the terms or settlement. You’ll work with a mediator who oversees the conversation and helps guide you through the process.
Mediators don’t have to be attorneys, but it’s often beneficial to work with a mediator who is also an experienced New Jersey divorce attorney. This way, you’ll be able to come to terms with your spouse and ensure that those terms are binding under New Jersey law.
How Does Mediation Benefit Couples During High-Asset Divorces?
When you file for traditional divorce, you’re relying on the court to divide your assets and set the terms of your divorce. For many people, especially high net-worth individuals, letting the court determine divorce settlements isn’t ideal. That’s where mediation can help. Here are a few ways that mediation benefits couples during high-asset divorces.
Mediation Preserves Your Privacy
Traditional divorces can become part of the public record. This means your assets, property, and the terms of your divorce may be discoverable by people you’d rather leave out of the loop. When you mediate the terms of your divorce, the terms remain private. Individuals may still be able to see that you’re getting divorced, but they won’t have access to the nitty-gritty details.
You’ll Have Control Over the Process
When you work with a mediator, it’s up to you and your spouse to determine a fair and equitable distribution of assets. You’ll have control over the process. The mediator is just there to guide the conversation and help you stay on track. The terms you reach in mediation are binding. You won’t have to leave things up to chance and let a judge handle the division on your behalf.
Mediation May Make Divorce Less Stressful
Since mediation puts you in control of the process, you may find that it makes divorce less stressful. The focus is on reaching agreements with your spouse, not arguing with them in court. It aims to remove the emotional turmoil commonly associated with court-supervised divorces.
Keep in mind that you’ll want to prioritize choosing a mediator who you and your spouse are comfortable with. Remember, they’re the neutral third party who works for both of you. Choosing a mediator who doesn’t fit your needs can add to the stress you experience.
How to Choose a Mediator
When you’re choosing a mediator, you’re choosing someone to oversee negotiations. Make sure the person you choose is familiar with high-asset divorces and can help you account for all possible marital property, so you and your spouse come to fair terms without the court’s help. Look for a professional who you’re both comfortable with. Remember, your mediator is the neutral party responsible for helping the two of you reach an agreement. You may need to interview several mediators to find one who can adequately help both of you.
Let Carvajal Law Help
Using a mediator for high-asset divorce can take the stress out of the process. They’ll guide you through the negotiation process so you and your spouse can come to an agreement that works for both of you. At Carvajal Law, our team is here to help. Contact us today to schedule a free consultation and let our experienced New Jersey divorce attorneys help you set your divorce up for a quick resolution.