One of mediation’s most praised qualities is the fact that it is an incredibly cost-effective option in contrast with traditional litigation. Although cost may not be a pressing concern for high net-worth individuals, mediation offers many attractive features that make it the ideal route for high net-worth divorces.
Likely the most salient concern high net-worth couples may hold is their privacy. When litigating, your marriage goes public. As there are a large amount of assets at stake, you and your spouse’s history is all evidence and will become public record. In extreme cases, this can become an embarrassing public circus. Conversely, the mediation model avoids the spectacle of a divorce trial, allowing all parties to work out the details behind the scenes and obtain a civilized divorce.
Additionally, divorce can be bad for business. Oftentimes, high net-worth individuals reached that position through business ownership. If the business is publicly traded, it may cause apprehension among investors if they see a pending divorce that includes business assets as part of the anticipated decree on the prospectus. Choosing to mediate offers the parties options to manage this sort of outcome. Sitting down with a neutral mediator can facilitate a dialogue between the parties and can help craft an agreement that is in the best interest of both spouses and causes the least long-term damage and embarrassment.
While these concerns may especially affect high-net worth individuals, there is no reason why every single person considering divorce cannot benefit by the features that divorce mediation has to offer. We all hold our privacy near-and-dear to our hearts and utilizing private mediation can keep our private affairs just that. In the big picture, mediation is the natural way to resolve disputes. Through the assistance of the neutral mediator, working together with the other side, and having substantial input on the ultimate solution the parties come to give individuals a feeling of satisfaction with the outcome of the mediation. Unlike in litigation where parties are ultimately “told” what to do, in mediation, they “decide” what to do – the control is all yours. People with high net-worth, to people with few-to-no assets can all benefit from mediating, rather than litigating, their divorce.