Are High Net Worth Divorces Mostly Uncontested or Contested?
Generally, when there’s more to divide and split up, there’s a greater chance that the divorce will be contested by one of the parties. That said, there’s more to lose by going to court, so most couples will look first to uncontested divorces and mediation to try to settle out of court than risk going to court and losing a bigger piece of the pie, so to speak. When there are so many issues to be ironed out in the divorce proceedings, a contested divorce that goes to court can seem to go on forever. That means higher legal fees for you, and probably more headaches.
An uncontested divorce is one in which a divorce settlement or agreement can be reached by both sides. Both parties must be in agreement. The second that one of the parties objects to an item in the settlement and an agreement or compromise cannot be reached, the divorce becomes contested. This is where divorce can get ugly. Fighting over certain aspects of the divorce, e.g. custody, child support, assets, can go on for months or years. It’s almost never a pleasant experience for either party; not even in the prevailing party.
If you’re going through a divorce and share a high net worth with your spouse, hire an attorney. Even if you and your spouse are in total agreement that you will pursue an uncontested divorce, it helps to have an attorney by your side. If things go well and you are able to complete an uncontested divorce agreement, great. You might feel like you shouldn’t have spent money hiring an attorney, but think of the alternative. Weigh risk and reward. Wouldn’t you rather have an attorney and everything go well than not have an attorney and the agreement process turn out to be a disaster?
Do a little searching and you’ll find attorneys who handle contested, uncontested and high net worth divorces. These people have not only received the required legal training and education, but deal with these divorces every day. They know what can go wrong and know how to handle such situations. There’s plenty of issues that can arise in a divorce in which the couple must figure out how to split up more assets and properties. When there’s more possibilities for issues, you’ll probably run into one or two, at least, along the way. Make sure you’re prepared for when it problems arise.