There are many benefits to choosing collaborative dispute resolution. You have more control over the process and outcomes of your divorce. It allows you to work with the other party to find solutions rather than going against them and letting a judge decide. If you own a high-value asset such as a business, collaborative resolution can help you preserve its assets and relationships in various ways.
It employs a wide range of strategies
Collaborative resolution uses various strategies to preserve your assets. Your attorney can help you get an accurate business valuation from neutral financial experts. This ensures you get a fair assessment of your business worth.
Then, a collaborative team – composed of attorneys, financial experts and divorce coaches – will help you explore creative settlement options to protect your business interests. These might include:
- Buyouts, also known as “buy-sell agreements,” where one spouse purchases the other’s share of the business.
- Profit-sharing arrangements, which allow both spouses to benefit from future business profits.
- Deferred compensation plans, which spreads payments over time to reduce immediate financial strain.
Your attorney and collaborative team will ensure that your agreement is legally sound and fair, which can help reduce the risk of future disputes.
What is the process like?
While it can be different for each case, collaborative resolutions follow general steps that help you reach a fair agreement without going to court:
- Each spouse hires a collaborative attorney
- The parties sign an agreement to solve issues without going to court
- They build a team of professionals to help them
- The parties attend meetings to discuss and negotiate all divorce-related issues
- They create solutions that work for both parties
- The attorneys write up the agreement
- The parties file this agreement with the court to finalize the divorce
Take note that while the process keeps negotiations and discussions private, the final divorce agreement typically becomes part of the public record when filed with the court.
You have worked hard to build your business
During a divorce, it’s natural to worry about its future. Consult with a collaborative divorce attorney who can help you explore your options.