High Net Worth Couples And Collaborative Divorce
Some divorces are easily settled when the spouses can agree on all issues related to a divorce. Others are not so easy to settle when you cannot agree on issues related to child custody or financial distribution of the marital estate. Often both of these issues are contentious in a Tampa, FL divorce. You can engage in a custody battle for the children, but this often leads to animosity between the parents and difficulties for the children.
Collaborative law or collaborative divorce offers an alternative for couples who want to avoid litigation. In this article, the Tampa, FL collaborative divorce attorneys at Faulkner Law Group, PLLC will discuss the process of collaborative law and why it is preferable for high net worth couples.
Benefits of a collaborative divorce in Tampa, FL
One of the foremost benefits of choosing a collaborative divorce is that it’s cheaper. In a litigated divorce, each side hires their own experts to testify on their behalf. Decisions are made by the court. In a collaborative divorce, both sides would pay to hire one forensic accountant to evaluate lucrative property and make recommendations on behalf of both parties. A forensic accountant reviews issues related to assets, debts, income, and expenses. In a litigated divorce, each side would hire their own forensic accountants and both sides would be considered by the court.
A neutral forensic accountant would look into issues such as the income and expenses of a business, each side’s financial needs, and the value of any assets owned by the marital estate.
In many cases, both sides can hire a business valuation expert to determine the net value of the business. You can meet with the expert who will explain to you the process by which the business is evaluated. You can also, if you so desire, hire your own business valuation expert to dig into the business’s financials. But this costs more money.
In a litigated divorce, all the choices are taken out of your hands and decisions are made by the court. The court reviews issues related to the valuation of businesses that are gleaned from either side’s expert witnesses. The court will make a decision regarding the value of the business and how to split it post-divorce. The collaborative process is cheaper because you only have to hire one expert witness to evaluate the business.
Another major benefit to collaborative law is privacy. When the court renders decisions in litigation, your financials become a part of the official record. The public can access these records resulting in less privacy for you and your family. It is better, therefore, to choose a collaborative process to mediate your divorce issues.
Talk to a Tampa, FL Divorce Attorney Today
The Tampa, FL divorce lawyers at Faulkner Law Group, PLLC are trained in collaborative divorce. We can help you amicably dissolve your marital estate and resolve issues related to custody. Call our office today to schedule an appointment, and we can begin discussing your needs immediately.
