Alternatives to Litigation
When most people realize their marriage is over they tend to hire an attorney, because they aren't aware of alternatives. But, there may be a better solution, either through mediation, where you and your spouse come to an agreement with the help of a divorce coach and a financial specialist. Other team members like a child specialist or business valuation expert could be brought in as well.
There are many reasons to consider divorcing using an alternative to litigation. You will be in control of the process, not the attorneys or judges, it can go much faster, it is more private and causes less damage to the people involved.
Especially if there are children involved, you will learn skills to communicate with your soon-to-be-ex that will make life after the divorce much more peaceful. Your children will be less likely to be put in the middle, and you both will be better equipped to deal with the challenges that will occur after everything is finalized.
But an equally important reason is cost. By this I mean dollars and cents. The average cost of a litigated divorce is about 20% of the assets. Each parties' attorney ends up with 10% of the total portfolio. For most couples, that is a powerful reason to work together to find a better solution. Attorneys perform a good service, but it doesn't have to be that expensive. Even collaborative law, where you have several professionals involved, is less expensive because everyone is focussed on helping the couple find good resolutions, not increase billable hours. Agreements reached during the collaborative process are far more likely to be durable, meaning you are less likely to end up back in court after everything has been finalized.
Ultimately, you want to keep the family's wealth in the family. If you can both agree on this point, it is worth pursuing an alternative to litigation, either through collaborative law or mediation.