Why Mediation is the Best Divorce Route for Business Owners
September 8th, 2017 by Marta J. Papa
Mediation saves you time, which is vital to business owners, but there are more reasons to consider mediation when considering divorce.
Here are some common scenarios we see in our office:
– Both spouses have owned and operated a business together during their marriage;
– One spouse has owned and operated a business during the marriage;
– One spouse owned a business prior to marriage and continued to operate it during the marriage (and there has been a change in value since the date of marriage); and
- Because there is a need for child and/or spousal support, we need to figure out a self employed spouse’s income.*
In litigation, these issues are resolved through a drawn out process involving court intervention, expert witnesses, and expensive reports. In mediation, however, we resolve these issues by negotiating through them in a peaceful and respectful manner. There still may be the need for a business valuation or forensic accounting, but you’ll only need one neutral expert who works alongside both spouses instead of hiring opposing experts who are put in place to serve either side. This helps to provide the necessary information to make a decisions adding unnecessary conflict to the process.
Unlike traditional litigation, mediation allows you and your spouse to work through these issues in private, as mediation appointments are not public record. You’ll have peace of mind knowing that you both are getting fair and neutral information, and your assets will be split in a reasonable manner that you both agree to, not determined by a judge.
* bullet points taken from: http://www.altdivorcesolutions.com/blog/2014/may/divorce-when-a-business-is-involved