Is Mediation Helpful for a Texas High Net Worth Divorce?
A high net worth divorce is different than most divorces because it involves complex finances, multiple properties, and oftentimes large sums of money. In addition to having significant assets, couples must also have complicated financial situations. This makes it difficult to determine how much each party needs to pay toward attorneys fees and costs.
The standard asset value used in determining a high net worth divorce is around $1 million dollars. However, there are many factors that go into setting this figure including location and the number of properties owned. Couples with assets over $1 million dollars are generally considered high net worth.
High net-worth divorces come with unique challenges. For example, a judge may require both parties to pay part of the attorney’s fees incurred during the case. Additionally, the court may require one party to pay child support if children are involved. Finally, property division may take longer due to the complexity of the case.
Divorce cases involving high-net-worth individuals are very different from those of average working couples. There are many factors to consider including the type of assets involved, how long you have been married, whether or not you have children together, and even the location of the person filing for divorce.
In addition to determining how much money is being distributed to each party, courts look at the value of the marital estate itself. This includes everything owned during the marriage such as real estate, vehicles, household goods, bank accounts, stocks and bonds, and even pension plans. In general, judges divide the total amount of the marital estate equally between the parties, but there are exceptions to this rule. For example, if one party earns substantially less than the other, the court could decide to award a larger percentage of the estate to that individual.
The final factor to consider is the length of the marriage. A shorter duration usually leads to a smaller distribution of assets compared to a long marriage. However, there is an exception to this rule. If the couple has been living separately for a substantial period of time prior to filing for divorce, the court will typically give the longer-married partner a greater portion of the marital estate.
Mediating a high-net-worth divorce can help parties avoid protracted litigation. This process allows both parties to put aside their differences and work together toward a resolution.
If you are thinking about filing for divorce in Texas, it is important to understand what happens during the course of a contested divorce proceeding. A family law mediator can provide guidance throughout the entire process.
A mediator will facilitate discussions among the parties in an effort to reach a mutually agreeable outcome regarding how community property will be divided and who will receive custody of the children.
The mediator will make sure that each party understands his or her legal options and obligations. He or she will explain the benefits of entering into a mediated settlement versus litigating the case in court.
In some instances, parties may decide to settle out of court rather than go through the expense and hassle of a trial.Mediation Can Cost Less Money in the Long Run
The average cost per case of family law litigation in Texas is $12,500, while the median cost is about $7,700. Mediation costs are typically much lower, ranging from $1,800 to $3,600. Mediators usually charge hourly rates, although some firms offer flat fees.
In addition to saving money, mediating allows the couple to focus on resolving issues rather than litigating them. In many cases, the process takes less time than litigation. If you decide to go ahead with mediation, make sure you hire a lawyer experienced in family law mediation.What Is Involved in Mediation?
Mediation is one type of alternative conflict resolution process. When you are considering whether to mediate a particular matter, it helps to understand what mediation entails.
In mediation, the parties involved meet face-to-face with a neutral third party — called a mediator — to discuss their differences. This person serves as a facilitator rather than a judge or arbitrator. A mediator cannot decide anything; he or she simply helps the parties talk about their issues and work out solutions.
The primary goal of mediation is to bring about creative problem-solving. If the parties are unable to resolve their disputes themselves, they might consider mediation because it provides another option for resolving conflicts.Contact a High Net Worth Divorce Attorney
Mediation can help couples resolve issues related to dividing assets during a divorce. In some cases, couples can agree to settle their divorce without having to go to court. If you anticipate being unable to come up with an acceptable settlement agreement, however, it may be beneficial to consider mediation. This method allows both parties to meet with a mediator who helps them negotiate an agreement.
Even couples in high net-worth divorces can benefit from mediation. Couples with high net worth divorcing often have substantial assets and financial obligations. They may be concerned about how those things could affect their children.
An experienced attorney can guide you through every step of the divorce process, whether it involves filing paperwork, negotiating settlements, or representing you during court proceedings. If you want to make sure that you receive the highest quality legal representation, consider hiring an attorney who focuses exclusively on family law cases. This ensures that you will receive the attention and personal touch that you deserve.
An experienced high-net-worth divorce lawyer in Harris County, Galveston County, Fort Bend County, Montgomery County, Brazoria County, Houston, Sugar Land, Missouri City, and Stafford, Texas at Thornton Esquire Law Group, PLLC, can help you sort through the complexities of your situation and determine whether mediation is appropriate for your circumstances. Contact us today at www.thorntonesquirelawgroup.com for a free consultation.