There is no question that high-asset divorces can become more complicated than those with fewer assets. With many assets on the line, each person may fight to get as much as possible out of the marriage. If there is no prenuptial agreement, that makes it even harder to know who should receive which assets.
Fortunately, it’s possible to work out a reasonable solution. Both parties need to be willing to negotiate. If they aren’t, then they place their assets in the hands of the courts and judge. The judge can decide who receives what if you can’t come up with a reasonable settlement.
Dispute resolution: Mediation
If you’re struggling to communicate with each other after you decide to file for a divorce, start with mediation. Mediation is a good alternative to negotiating through your attorneys because it costs less and can help you resolve your issues in a way that leads to a healthier relationship later on. This is particularly important if you have children.
In mediation, the mediator doesn’t make decisions for you, but he or she will help you understand the law and what to expect based on the negotiations you have in mind. If something is unfair or unreasonable, the mediator can explain why and how it may affect you. With a third party there, some of the tension of negotiation is released.
Dispute resolution: Arbitration
If mediation doesn’t work, arbitration is another possibility. Arbitrators make a final decision that can be binding or nonbinding. A binding decision is a final agreement, so if you want a third party to make a decision because you and your spouse can’t agree, opt for a binding arbitration agreement.
Your attorney can help you decide if any of these dispute resolution options are a good choice. In many cases, they’ll save you time, energy and money.