Numerous couples in New York have considerable assets that need to be divided when they choose to end their marriages. Many of them believe that they will have to go to court in order to get fair divorce settlements. This, of course, is not something to which they look forward.
Believe it or not, high-asset divorce and litigation do not always go hand-in-hand. There may be a way for couples to achieve fair and balanced settlements without ever setting foot in a court room. For those who want to avoid litigation, collaborative divorce may be the answer.
How does it work?
If you choose a collaborative divorce, you and your spouse will each retain legal counsel so that you are both fairly represented. At your first meeting you will sign an agreement stating your intention not to litigate your divorce. After that, the scheduling of a second meeting at a future date will occur so that each party has time to consult with legal counsel about what they hope to get in their final settlement.
Collaborative divorce is all about give and take. This may require a lot of negotiation before making any final agreements. Depending on the complexity of your divorce issues, a collaborative divorce can be handled in just a few sessions or it may take a while. Every couple’s situation is different.
Why might a collaborative divorce be better than the traditional dissolution process? There are several benefits to going this route. Some include:
- Generally costs less
- Typically takes less time
- No court interference
- Takes place in an informal setting
Your legal counsel can go over all the benefits of taking this route if it is something you are considering.
What if we cannot agree?
It is possible to switch your collaborative divorce to a traditional one if negotiations are not working. Your legal counsel can provide further detail about how to do this.
Get the right help
Collaborative divorce is a great alternative to the traditional process and can work if you and your spouse are willing to share information and negotiate. Of course, if you go this route, having an attorney who has experience handling collaborative divorce cases is a must. With the right help, you can avoid litigation and come to fair and balanced terms in an amicable way even if you are dealing with a high-asset situation.