Divorce mediation is an alternative approach to ending a marriage. Rather than one ex-partner suing the other to begin an adversarial divorce proceeding, the two parties can agree to mediation. This means the goal is to arrive at a comfortable solution for all involved, as opposed to having two sides lock horns and try to win.
Notably, this process diverges from what you might think of as divorce. You may also wonder what to expect from mediation.
Divorce is complicated, and this can increase significantly when you are dealing with a relationship that has high assets involved. A high-asset divorce can be extremely difficult to contend with, setting it apart from divorces that do not involve a lot of assets or liabilities.
Here's what you need to know about high-asset divorce and how you can prepare.
Understand the Consequences of Hidden Assets
Hidden assets are not uncommon in high-asset divorces.
Sometimes people fall behind on their financial obligations due to a mixture of bad luck, loss of employment, and simple, poor fiscal decisions. It can happen to anyone, as this year and the global pandemic has shown, but that does not mean you have to live with a heavy yolk around your neck. Wage garnishment can be absolutely crippling to families and individuals that are underneath that system, and often there is a high chance that you could get out of it if you just know your rights.
Did you get a letter in the mail from the IRS and now you don't know what to do? Maybe you made a mistake on a past tax return or the IRS is finally trying to collect money that you know you never paid. In a worst-case scenario, you could be looking at a lien on your property or even legal problems including possible jail time if you don't clean up your act quickly.
If you've been charged with a DUI, don't automatically accept the consequences, especially if you weren't actually under the influence. Police officers have a specific set of requirements to follow when they pull you over for a DUI. Those requirements don't always meet the criteria for a DUI conviction. But, many people are too afraid to fight the charges in court, or they don't know that they need to have attorney representation for their DUI charges.