Divorce can be complicated, especially when you and your partner have built significant wealth during the course of your marriage, or when one partner came to the marriage with significant assets.
Lawyers generally consider divorces with more than $1 million in assets to be “high-net-worth divorces.” Divorcing couples with assets in this range can face a more complex split. However, this doesn’t necessarily have to be the case. It’s possible to implement collaborative divorce principles that help things go more smoothly, even in high-net-worth divorces.
What Is Collaborative Divorce?
If you’re involved in a high-net-worth divorce, traditional processes may not meet your needs. Collaborative divorce can be a productive alternative. This method of divorce is built around principles of transparency and full disclosure during an interest-based negotiation process, instead of court intervention.
During a collaborative divorce, the couple negotiates the terms of their divorce (child custody, spousal maintenance, division of property, etc.) with the help of a mediator or attorneys. The focus is on resolving matters on mutually agreeable terms instead of having those matters decided in the courtroom.
Collaborative Divorce Can Involve Specialized Financial Experts
Collaborative divorces usually involve experts who are jointly retained by both spouses. These experts meet with the couple, their mediator and their attorneys. Typically, experts called Neutral Financial Professionals help resolve financial matters.
These professionals can be Certified Public Accountants (CPAs), Certified Financial Planners (CFP) or even Certified Divorce Financial Advisors (CDFA). They gather information about the community estate, assist with communication and help you develop an informed financial plan.
Collaborative Divorce Is Tailored to Your Needs
Because collaborative divorce can be tailored to your unique financial needs, it’s often more thorough and thoughtful than the traditional divorce process. Together with your financial professional(s), you’ll have the opportunity to become educated about the financial matters related to your divorce.
You’ll be able to prepare future cash projections, analyze the pros and cons of different options, and evaluate specialized tax calculations. Experts can also help determine the value of your business, real estate and other important assets.
Collaborative Divorce Is Discreet
The financial matters that you, your attorneys and financial experts discuss will be resolved privately. They won’t become part of some divorce court record against your wishes. This is often a highly preferable situation for couples navigating a high-net-worth divorce.
Legal Help for Complex Divorce Issues in Arlington, TX
At Schneider Law Firm, P.C., we’re poised to help you effectively resolve complex divorce issues such as the division of significant assets.
To get started, schedule a free consultation. We can talk with you about your unique situation and recommend the best possible course of action. Call our Arlington law firm at 817-799-7125 or send us a message.