Divorces can be a very difficult time in anyone’s life. Emotions are typically already very high, and bickering over ownership of property makes the situation even worse in many cases. All divorces are assuredly different and often complicated, but the need to craft a settlement agreement can make a divorce even more involved and often strongly contested. Divorce attorneys in New Jersey and New York have found that mediation is an excellent tool when high asset divorces are being settled, and there are some distinct advantages for all parties when an amiable agreement can be reached.
Advantages of using mediation
One of the primary advantages of going through mediation in a business divorce is that certain private information regarding the family can remain private. Representatives for both spouses meet along with the couple, each having their own list of interests that includes ownership and liabilities regarding a family business. Each issue can be discussed in an informal setting with attorneys and a neutral mediator present to explain how the law may apply. Professional business valuation experts can also be included in the discussion presenting pertinent impartial information regarding business valuation.
The alternative to using mediation as an ADR tool is ultimately going to court where the final result could be disappointing for either party. In addition, all elements of the family finances can be exposed publicly, which is a scenario many couples want to avoid. Judicial rulings are based specifically on the law regarding marital property, and striking an amiable agreement in beforehand means an enforceable private contract can be presented in court for authorization as a binding agreement without exposing any details. Not only is mediation more private, it is often less expensive and can serve to protect business intellectual property.
Almost all business divorce lawyers in the metropolitan area will recommend mediation before taking a marital property case to court. It is a cost-effective method of settling the property issue that still allows for revisiting in the future along with sending a positive signal to the court regarding all matters associated with the separation.