Contrary to what most people think, dealing with a high net-worth divorce does not have to mean a high-conflict one. Collaborative practices can save you money, help reach agreements on your assets faster and make the divorce process easier for the parties.
What is a collaborative divorce?
In a collaborative divorce, both parties agree not to go to court and to reach an agreement between them with the help of their attorneys or a mediator. As the word collaborative implies, the parties go into the divorce process with the intent to divide their assets fairly and reach as equitable an agreement as possible.
When is a collaborative divorce a good idea?
Collaborative divorce practice requires that the divorcing parties act in good faith and that everyone involved in the matter, including attorneys, mediators and financial advisers, be on the same page, which may require experience in collaborative practices. The collaborative process requires the parties to be forthcoming and honest and:
- Disclose all financial information in good faith
- Listen to the other party’s priorities and take them into consideration
- Be willing to compromise when dealing with aspects of the divorce that are important to both parties
- Not take advantage of the other party by using their lack of knowledge about a particular subject matter against them
A collaborative divorce is a good idea when the parties share the goal of saving costs, setting aside arguing and fighting over assets, liabilities, support and other aspects of divorce, and can behave civilly towards the other party. It is an excellent idea in high net worth divorces and is also a resource available and supported by New York courts.