When it comes to divorce, those with high net worth face unique challenges. Mediation becomes a crucial tool to manage these complexities effectively. This method offers a structured environment where both parties can negotiate their terms with the help of mediators, aiming to reach a fair settlement without the need for a prolonged court battle.
In the video, Attorneys Tyler Monahan and Heather Ogier of Turner-Monahan PLLC discuss the typical duration of mediation sessions in high-net-worth divorce cases. All case evaluations are based on Texas Family Law. This content is for educational purposes only.
High Net Worth Divorce & Mediation
High net worth divorces often require mediation to reach an agreement. This process can be intensive and prolonged due to the complex nature of the assets involved. High net worth cases are typically more complicated because they can involve diverse assets such as businesses, multiple properties, stocks, and international holdings.
So, these assets can be challenging to value and distribute fairly. Additionally, there are often significant tax implications and legal strategies to consider, which require careful navigation to protect the interests of all parties involved.
Duration of Mediation Sessions
At Turner Monahan, we have had cases where mediation in high-net-worth divorces extended over several days. For example, we scheduled a two-day mediation session where the first day alone might last eight hours.
Sometimes, if we haven’t concluded, the mediation might extend beyond regular hours. In one case, the parties involved signed the final documents at 4 a.m. after a full day’s session. Everyone was exhausted, yet their determination to finalize the divorce drove them to continue.
Challenges and Commitment
While it’s not common for every mediation to stretch into the early hours, it’s not unusual for sessions to last two to three days, especially when experts and multiple attorneys are involved. These extended sessions give everyone the best opportunity to settle the case comprehensively.
Shorter Sessions and Their Difficulties
Sometimes, mediations last only a day or even less, but these shorter sessions can be challenging. Having to pause and reconvene on another day can disrupt the momentum and make the process tougher.
Despite these challenges, there have been instances where agreements were signed late at night, indicating that while the process can be arduous, it can also be successful, with everyone leaving satisfied.
Texas Family Code: Key Statutes in High Net Worth Divorce Mediation
In high-net-worth divorce cases, the mediation process is influenced significantly by the Texas Family Code. The code provides specific statutes that help manage the complexities associated with these cases. Key provisions include:
Texas Family Code § 6.602 – Mediation Procedures: This law allows for mediation if both parties agree or if the court decides it’s needed. Once everyone agrees to a settlement in mediation, it’s final—this means it can’t be changed or taken back if it’s signed by all parties and their lawyers.
Texas Family Code § 7.006 – Agreement Incident to Divorce or Annulment: This part lets spouses make their own agreement about how to split up their property and debts. If the court thinks the agreement is fair, it will make it part of the final divorce decision.
Texas Family Code § 3.102 – This rule explains how spouses should handle property they own together during the marriage. Each spouse can manage property like they would if they were single unless they decide together on a different arrangement.
It’s important for anyone going through a high net worth divorce to understand these rules to make sure the mediation process is fair and effective. Consulting with an attorney who knows about these laws can help guide you through the process and work toward a satisfactory outcome.
Hire An Experienced Fort Worth, Texas, Divorce Attorney
High-net-worth divorce cases demand expertise and patience, particularly during mediation. By leveraging the guidance provided under Texas Family Law and enlisting experienced attorneys from Turner-Monahan PLLC, parties can work towards a mutually satisfactory agreement.
So, if you’re in the DFW area and facing family law challenges, Turner-Monahan, PLLC is ready to help. We offer a free consultation to look into your specific case and find the best path forward, ensuring your rights are always protected. Schedule a free, no-obligation consultation with attorney Tyler Monahan to discuss the details.
Check our website for more information about our services. Plus, don’t forget to go through our blog to find out more regarding your case. There is tons of information on divorce and answers to unique questions like “What Does A High-Net-Worth Divorce Look Like Today?”
FAQs Regarding Divorce
Divorce cases are unique, so you will have many questions. To save you time and hassle, here are some topics that revolve around the area. For more information, contact our firm, Turner-Monahan, PLLC.
- How Does Real Estate Factor Into High Net Worth Divorces?
- Important Considerations In A High-Net-Worth Divorce
- How Can I Discover Hidden Offshore Accounts In My Divorce Case?
- 5 Important Questions To Ask A Divorce Lawyer Answered
Disclaimer
The commentary and opinions are for informational and educational purposes only and not to provide legal advice. You should contact an attorney in your state for legal advice concerning any particular issue or problem. You can become a client and enter the attorney-client privilege only after hiring Turner-Monahan, PPLC, by signing a written retainer agreement.
