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The Benefits of Mediation in a High Asset Divorce

Posted on in High Asset Divorce

TX divorce lawyerAlthough in many cases it is impossible for divorcing couples to work out their issues in an out of court setting, a large percentage of families are able to come to an agreement regarding custody or property division through mediation. The benefits of mediation are even more important in high asset divorces where the possession of unique assets, such as business interests, valuable personal possessions, and real estate are at issue. To learn more about mediation and whether it is right for you, please contact one of our dedicated high asset divorce lawyers today.

The Mediation Process

The mediation process is overseen by a neutral third party, or mediator, who is tasked with hearing the parties’ issues and concerns and then facilitating negotiation, with the final goal of reaching a settlement that both parties voluntarily agree to. Although the parties will prepare for mediation as though they were going to trial by compiling financial records, lists of assets, and appraisals, the similarities end here, as mediations are non-adversarial. Furthermore, unlike a trial, communications that take place during mediation will remain confidential. In fact, if a mediation fails, mediators are not allowed to testify about anything that was discussed during the meetings at trial.

The Benefits of Mediation

Attempting to reach an out-of-court property settlement or custody agreement by utilizing the mediation process has a number of benefits. For instance, the mediation process is often much less expensive than taking a case to trial, which can take months to resolve and cost thousands of dollars in court and legal fees. Mediation also has a high success rate when it comes to resolving divorce-related issues. This is especially true in cases where both spouses are willing to compromise and negotiate. For this reason, most couples who attempt mediation usually end up saving time in the long run.

Mediation also gives couples more flexibility when it comes to dividing property and coming up with a custody arrangement that meets all of the parties’ needs. When a couple isn’t able to come to an agreement, a court will step in and make divorce-related decisions on their behalf. In many of these cases, judges implement standard parenting plans and custody arrangements that aren’t always in a family’s best interests. Creating a unique arrangement during mediation is one of the best ways that parents can remain in control when it comes to decisions regarding the division of parenting time and responsibilities. Finally, mediation can help improve communication between the parties, which is especially important during high asset divorces, when significant and complex assets are at issue.

Get Legal Help Today

Please contact one of the dedicated Leander high asset divorce attorneys at The Law Offices of William D. Powers for help with your own divorce-related questions and concerns. Our dedicated legal team is eager to assist you throughout each step of your case.

 

Sources:

https://statutes.capitol.texas.gov/Docs/CP/htm/CP.154.htm

http://www.txcourts.gov/All_Archived_Documents/SupremeCourt/AdministrativeOrders/miscdocket/05/05910700.pdf

The Law Offices of William D. Powers

8911 N. Capital of Texas Highway, Building 2, Suite 2105, Austin, TX 78759