High Net Worth Divorces and the Benefits of Settling Outside of Court
While a family law judge must approve all divorce settlements in Florida, the divorcing couple may determine the terms contained in these settlements if they choose to negotiate the terms of their divorce outside of court. Choosing to settle your differences outside of court can be hugely beneficial to all parties involved, especially if the divorcing spouses are a high net worth couple.
The Advantages of Settling Your Differences Outside of Court
While there are many commonly cited advantages of settling a divorce outside of court, some that may be of particular interest to divorcing high net worth couples include:
- You Call the Shots: By settling the terms of your divorce outside of court you get to call the shots rather than leaving life changing decisions (such as child custody arrangements, spousal support, etc.) in the hands of a judge. However, many people mistakenly believe that couples who work out the terms of their divorce outside of court simply sit down one-on-one with their spouse and hash out complex issues without the assistance of a divorce lawyer. While couples are legally allowed to draft divorce settlements without retaining legal representation it is much more common for couples negotiating the terms of their divorce to do with the assistance of legal counsel. This method enables you to call the shots while still having retaining an experienced divorce lawyer to negotiate on your behalf and protect your legal rights throughout the divorce process.
- Privacy: High net worth divorces often involve spouses who are public figures with a vested interest in maintaining their public reputation. These spouses tend to suffer greatly when the messy details of their divorces become available to the public, which frequently happens when divorces are settled in court because papers filed with the court are almost always made available to the public. On the other hand, spouses who settle their divorces outside of court usually experienced a much greater degree of privacy.
- Settling Outside of Court is Usually the More Economical Option: Even the very wealthy are often shocked to learn how much a lengthy legal battle in court can cost them. High net worth couples who engage in protracted legal battles in court while divorcing often run up massive attorney’s fees because the more assets you have the more time your attorney will likely have to spend fighting it out in court to get what you deserve. Therefore, wealthy couples can often save a great deal of money if they decide to stay out of court.
Consult With a Local High Net Worth Divorce Attorney
Divorcing high net worth couples should always retain legal counsel to represent their interests, regardless if they decide to settle their differences outside of court or not. In divorces where there is a lot at stake it is especially important for spouses to protect their financial futures from the get-go, this means consulting with an experienced high net worth divorce attorney without delay. Here at the Law Offices of David L. Hirschberg, P.A. we have extensive experience handling high net worth divorces throughout Florida and if you are considering getting divorced we would be happy to discuss your legal options with you during a confidential consultation at our Boca Raton office. Contact us today at (561) 288-8620 to schedule a meeting.