A high-asset divorce has the potential to drain your income quickly, especially if you and your spouse can’t come to an agreement on how to split your assets. Fortunately, there are alternatives to spending too long fighting each other. You can choose arbitration or mediation to help you resolve your issues quickly while protecting the assets you want.
Arbitration and mediation help because they take less time and cost less. You and your spouse both go through the motions, so you can come up with agreements that work or have someone else determine what’s fair in your particular situation.
Why choose mediation?
Mediation is a good idea for couples who can still work together even if they have disputes. A mediator, a third party, works with you during mediation. The mediator helps you resolve your issues by giving you information about state laws and how the choices you make could affect you or your spouse moving forward. Mediation is not usually legally binding, which gives people more freedom.
Why choose arbitration?
If you’re willing to work together but have one or two issues that you can’t come to an agreement on, arbitration is a good idea. Arbitration involves a judge or arbitrator. The arbitrator listens to both sides of the case. He or she looks at all the facts before making a decision on the issue you couldn’t agree on. Arbitration is typically legally binding, unlike mediation.
Either of these is a good solution if you and your spouse want to work out your finances without going to court. Your attorney can give you more information about arbitration and mediation along with other ways that you can negotiate. Creating a plan for good negotiations helps you resolve your divorce faster, so you can move on with your life sooner.