Many marriages fall apart due to problems surrounding money. Likewise, financial issues are a common area of contention in many California divorces. If divorcing spouses were married for many years, it is likely that they accumulated more marital property and assets. These high-asset divorces can be especially expensive. Here are a couple of options to consider that could help cut down on the cost of a high asset divorce.
Collaborative divorce
Collaborative divorce is an option that could not only save money but may also help couples to resolve the material issues with less stress. In this type of divorce, couples hire separate lawyers and work together, or collaborate, to negotiate and settle their divorce. For a collaborative divorce to work, both parties have to be willing to cooperate to reach agreements.
Mediation
In mediation, divorcing spouses meet with a neutral, third-party mediator who helps them reach agreements on their issues. The mediator may be court-appointed, or spouses can also choose to hire a private mediator. Like a collaborative divorce, a willingness to cooperate is a must for mediation to be successful. Divorcing spouses who can cooperate and communicate often find that mediation is a great way to resolve their divorce quickly, thus helping them reduce costs.
Where to go for help
Both mediation and collaborative divorce keep the divorce out of court, which can save spouses thousands of dollars. Those in California who have questions or want to explore their options regarding divorce can get help by meeting with a seasoned legal professional. A knowledgeable attorney can offer much-needed legal guidance and help individuals pursue the best options relative to their situations.
