If you are preparing for a divorce, you are likely aware that the process is going to be stressful. However, many people do not account for the level of monetary stress that may occur during a divorce.
Particularly if you are looking at a high-asset divorce, it is possible for the process to cost tens of thousands of dollars. Fortunately, there are ways to ensure that your high-asset divorce is affordable. According to Forbes Magazine, trying for a collaborative or mediated divorce will lower the overall cost of the process.
What is a mediated divorce?
Mediated divorces are a great choice for couples who are getting divorced on amicable terms. In a mediated divorce, you are not required to have a lawyer, though many couples do choose to have one. It is only necessary to have a supervising mediator to help talk both you and your ex spouse through the divorce process.
In the event that couples choose for a lawyer to work with them through a mediated divorce, it is typical for both parties to share the same lawyer.
What is a collaborative divorce?
A collaborative divorce is similar to a mediated divorce with the exception that each of the parties will have their own lawyer. The actual process is very similar to mediation, just that there are extra lawyers on hand to help negotiate the more difficult aspects of the process.
The key with mediated and collaborative divorce is that both parties have to be willing to compromise. If the divorce is extremely acrimonious, trial divorce may be the only option. Trial divorce tends to be the most expensive variety of divorce since it requires more personnel.
How can I make high-asset divorce more affordable?
