Is Mediation Helpful for a Texas High Net Worth Divorce?

 Posted on May 08, 2020 in High Asset Divorce

If you are planning to file for divorce in Texas and you know that you and your spouse have not reached an agreement about how your assets will be divided, the prospect of property division can be anxiety-inducing and complicated. Dividing assets is especially complex in high asset or high net worth divorces, where married couples own substantial amounts of valuable property in many different forms. In such cases, those parties may want to take steps to prevent the court from making the final decision about how their community property will be divided. You may know that divorcing spouses can agree to a property settlement agreement in which they determine how their community property will be divided.

However, if you are involved in a contentious separation or divorce with your spouse, you may be wondering how you could ever get to the point of reaching a property settlement agreement. Family law mediation may be beneficial. We want to tell you more about how mediation can help in such cases, and to emphasize that an experienced Texas high net worth divorce lawyer can assist with your case.

Mediation Can Cost Less Money in the Long Run

For couples expecting a high net worth divorce, mediation can be particularly helpful because it can allow the parties to save a significant amount of money that otherwise would be spent on court hearings in which the court must classify property as separate or community property, value it (which can be particularly time-consuming and complicated for the variety of assets held in high asset divorces), and distribute the property according to Texas law. With mediation, the spouses may be able to reach an agreement on a shorter timetable and at less cost.

What Is Involved in Mediation?

Under Texas law, mediation is one type of alternative dispute resolution (ADR). In mediation, the parties involved in a dispute come together and attempt to negotiate an agreeable outcome to that dispute with the assistance of a mediator. Ultimately, in a divorce mediation or family law mediation, the parties may be able to enter into a property settlement agreement to avoid having the court divide community property between them.

To be clear, a mediator does not have the ability to make a final or binding decision in a dispute. In fact, the mediator does not make any decisions at all. Instead, the mediator facilitates dialogue between the disputing parties and ultimately tries to help them reach an agreement. If the parties cannot reach an agreement after mediation, a court can still make a binding decision in the case. With mediation, spouses tend to have more control over the outcome of their divorce, and they often have much better communication with one another once the mediation is over. Accordingly, mediation can certainly be beneficial in a high asset divorce in Texas.

Contact an Austin High Net Worth Divorce Attorney

When you are anticipating a contentious divorce but would like to be able to reach an agreement about the division of community property, mediation might be extremely helpful in your case. Even couples in high net worth divorce cases can benefit from mediation, and they may even benefit more than others if they are able to work out a property settlement agreement through mediation.

A skilled Austin high asset divorce attorney can get started on your case today. We also assist in other divorce matters, and a complex child custody attorney or complex litigation attorney can speak with you. Contact Powers and Kerr, PLLC online or call our office at 512-610-6199.

Source:

https://statutes.capitol.texas.gov/Docs/CP/htm/CP.154.htm