Can Collaborative Divorce Work in High-Net-Worth Cases?

Significant assets can contribute to a divorce being a challenging and contentious process. After all, with complex financial portfolios, business interests, and valuable property at risk, individuals may feel the stakes are higher. Despite these complexities, a seasoned Orlando family lawyer can guide you through a collaborative divorce. This route can be a highly effective and suitable option for resolving disputes amicably, even in high-net-worth cases.

Liquid Assets of a Million or More 

In Florida and throughout the United States, an individual is typically considered high net worth if they have liquid assets worth $1 million or more. High-net-worth individuals often have businesses, complex retirement accounts, and other valuable assets that require careful consideration during a divorce.

Collaborative divorce is a method of resolving divorce disputes outside of the courtroom. It involves both spouses working together with attorneys to negotiate and reach a mutually agreeable settlement. The process is based on the shared goal of finding solutions that benefit both parties. Some high-net-worth couples find the collaborative process particularly advantageous when ending a marriage for the following reasons.

• Wealthy individuals typically value privacy, especially with their financial affairs. Collaborative divorce offers a confidential setting, unlike public court proceedings, which can expose sensitive financial details. This discretion helps protect both parties’ reputations and financial interests.
• Customized Solutions. The collaborative process allows for tailored solutions that address the unique needs of high-net-worth individuals. For example, spouses can negotiate complex asset divisions, such as how to handle shared ownership of businesses, investments, or luxury properties. This flexibility enables both parties to reach an agreement that reflects their specific financial goals and priorities.
• Preservation of relationships. Individuals involved may have intertwined business and social relationships. The collaborative approach emphasizes maintaining a respectful and amicable relationship between the spouses, which can be crucial when ongoing business partnerships or co-parenting responsibilities are involved.
• Expert involvement. A collaborative process allows for the inclusion of neutral financial experts, such as accountants, business valuators, and financial planners, who can provide valuable insights into the division of assets. These professionals help ensure that the financial settlement is fair and equitable, considering the full scope of the couple’s wealth.
• Cost-effectiveness. While any divorce process will carry some fees, the collaborative approach is more cost-effective than traditional litigation. By avoiding a lengthy court battle, high-net-worth individuals can save time and legal fees, allowing them to focus on reaching a settlement that preserves their financial health.

For a collaborative divorce to be successful both parties must be committed to the process.

Prioritizing Patience and Flexibility

Because a collaborative divorce requires a willingness to negotiate and compromise, high-net-worth individuals should approach the process with an open mind and a focus on finding solutions. With an Orlando family lawyer keeping your best interests in mind, you can achieve a fair and equitable settlement that protects your financial interests and preserves important relationships.

Is a collaborative divorce an option for you? Choosing to negotiate has advantages. Talk to the lawyers at Donna Hung Law Group to learn more. Call 407-999-0099 or contact us online to schedule a confidential consultation.