High Asset Collaborative Divorce Lawyers
The dissolution of a marriage and conflict seem to go hand in hand. This is particularly the case when significant assets are at stake. But not every couple going through a divorce wants to face a prolonged court battle or have their conflicts recorded in the public record.
For divorcing couples in Florida, even those with high assets, collaborative law may be an option to settle matters more amicably. If you’d like to explore collaborative divorce options for a high-asset divorce, the family law attorneys at Busciglio, Sheridan & Schoeb can help. Contact us today to schedule a consultation.
What is at Stake in a High Asset Divorce?
Understandably, the more assets a couple has accumulated during their marriage, the more challenging it can be to find common ground during the divorce process. The laws regarding property division, child support, and spousal support in Florida can be confusing. Some of the issues that couples may have to face in high-asset divorces include:
- Figuring out how to determine the equity in the marital home
- Dealing with the division of real estate when owning several properties
- Dividing pensions, 401(k)s, and other investment accounts
- Evaluating business ownership interests and determining what is considered marital property
- Finding potential solutions to spousal support where income isn’t equitable
- Agreeing to child custody and equitable child support payments
When your marriage is ending and there is so much at stake, you want to make sure you have a voice in these matters. But having a voice and demanding your day in court are not necessarily the same thing. Through creative strategies and negotiation, you and your spouse will likely get a much more positive outcome and can avoid the risk of an unfavorable court judgment.
Downsides to Traditional Litigation in High Asset Divorces
In divorce cases where there are disagreements over key issues, such as asset distribution, child support, or alimony, the next step would be to move to a contested divorce. In litigation, each party retains separate experts, setting off a costly and lengthy discovery process.
The divorce litigation process can be emotionally and mentally draining. It can also be traumatic for other members of the family, namely your children. When you choose litigation, you are putting yourself at the mercy of a backlogged court system.
Discovery, which is the collection of testimony and evidence, can take months. When there are objections from the other side, it will require additional hearings before the judge. Once you’re actually in court, the judge makes final decisions about the outcome of your case, even though they may know very little about you or your family. Overall, litigation is not a great option for most divorcing couples.
How Collaborative Divorce in Florida Works
Collaborative divorce is a process that is becoming more popular among divorcing couples who want to avoid costly and drawn-out litigation. The state of Florida recently passed the Collaborative Family Law legislation, which assigns approved Rules of Procedure for these types of cases.
One of the most significant aspects of this type of divorce is that it is not adversarial and takes place outside the official courtroom setting. Each party to the divorce signs a formal Participation Agreement with their collaborative law attorney, promising to participate in the process in good faith and seek a mutually agreeable result.
In a high-asset divorce, a neutral financial professional is retained as part of the team. This professional will get access to all good-faith financial documents and will attend meetings where financial issues are discussed to help facilitate agreements relative to asset distribution, alimony, child support, etc.
The meetings themselves may also be facilitated by a neutral third party who is trained in collaborative law and will meet with each side to understand which issues are most important to them. The neutral party will lead the meetings and accept input from each spouse’s attorneys when necessary.
Instead of acting as adversaries, all of the parties in the process, including the lawyers, are considered partners with the same goal – to reach a mutually beneficial agreement. Your settlement agreement will then be presented to the court for final approval.
If you and your spouse are unable to agree on issues through collaborative divorce, your attorneys will not be able to represent you in litigation.
The Benefits of Choosing Collaborative Divorce
Collaborative divorce is not for everyone. Typically, this type of divorce is not well-suited for marriages involving any type of abuse or dishonesty about assets or income. That said, it’s an excellent option for many couples, even those involved in high-asset divorces. Here are some of the benefits of choosing collaborative divorce:
- More control — You get more control over the process than you would when you ask a judge to decide key issues in your divorce.
- Less stress — This approach leads to less frustration, anxiety, and stress for you and your children than a traditional divorce.
- Lacks formality — The lack of formality in a collaborative divorce makes it easier to understand what you are negotiating and eventually agreeing to in a settlement.
- Better discretion — If you are concerned about privacy and what is entered into the public record, collaborative divorce is a better option.
- Easier logistics — Judges and courts don’t care about your schedule, but you have more of a say in the logistics of meeting with collaborative divorce.
- Saves money — In general, this type of divorce will cost much less in attorney’s fees, expert witnesses, and time than a traditional divorce.
- Faster process — Contested divorces can take a year or more to resolve. Collaborative divorce is much faster.
- Maintains relationships — You might be concerned about maintaining a relationship with your spouse. But, for the sake of your children, you should be. Because the process is less adversarial, you can reduce the animosity.
Choosing the Right Attorney for Your High Asset Collaborative Divorce
If you want to avoid contentious and costly litigation that could go on for years, a collaborative divorce may be an ideal solution. But not every divorce attorney in Florida is experienced with this process. It’s a specialized area that our law firm has been using with success for years.
The family law attorneys at Busciglio, Sheridan & Schoeb have extensive experience working with Tampa Bay families of substantial means that are facing a divorce. We understand how to navigate the complexities of these cases and can help you make sound decisions for your family and your financial future.
Call our Tampa office today at 813-225-2695 or contact us online to schedule an initial consultation.
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