The Benefits of Collaborative Divorce for High-Income Couples

 Posted on August 24,2021 in Divorce

Divorce cases vary dramatically in complexity. A couple who rents their home, owns few assets, and does not have children can typically expect a relatively simple, straightforward divorce. The more high-value assets a couple owns, the more complicated the divorce process becomes. If you or your spouse have a high net worth, own a business or professional practice, or have substantial investments, you should know that your financial success will likely complicate your divorce. The good news is that there are several different ways to get divorced in Illinois. For many high-net-worth couples, a collaborative divorce is the right approach.

Working Together to Resolve Divorce Issues

If you are like many divorcing spouses, you may want the divorce to be as non-adversarial as possible. Fortunately, as the name implies, collaborative divorce is designed to be collaborative. The spouses and their attorneys are focused on reaching solutions that both parties walk away from feeling good about. Attorneys trained in collaborative law understand that it is possible to protect their clients’ rights and advocate on their behalf without hostility or contention.

Collaborative Divorce is Confidential

Court proceedings are a matter of public record. Divorce is no exception. The information presented during divorce litigation may be accessed by others unless the information is sealed by the court. In a collaborative divorce, all of the participants sign an agreement in which they pledge confidentiality. If you are concerned about protecting your privacy during divorce, collaborative law may be a better option than litigation.

Building Your Collaborative Team

In a collaborative divorce, the spouses work with other professionals in addition to their respective lawyers. For example, if you have substantial real estate investments, you may decide to include a real estate appraiser in your collaborative team. If you own complex assets and investments, you may include a financial advisor. Spouses may also benefit from having divorce coaches or psychologists involved in the collaborative divorce process. If the couple shares children, a child development expert, child therapist, or another type of child specialist may be a valuable member of the collaborative team.

Contact a Barrington Collaborative Law Attorney

For many divorcing couples, collaborative law allows them to end their marriage amicably and effectively. Collaborative divorce is a confidential process that may help you resolve your divorce without going to court. To learn more about the benefits of collaborative law, contact The Law Office of Nicholas W. Richardson, P.C. Experienced Palatine divorce lawyer Nick Richardson is equipped to help you resolve your divorce through collaborative law, negotiations, or mediation. Call 847.873.6741 for a free, confidential consultation.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=3804&ChapterID=59