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A divorce settlement may mean more control over asset division

On Behalf of | Apr 4, 2022 | Divorce

If you are like many Kentucky couples facing divorce, you and your spouse may want to separate amicably and avoid the expense, anxiety and uncertainty of litigation. However, the process of dividing your estate may be complex if you share substantial property or have complicated assets like a family business.

If your divorce does go to court, a judge with limited time and limited knowledge of your specific financial circumstances may try to distribute assets in a manner they believe is equitable or fair. However, neither you nor your ex-spouse may be happy with the results. Divorce mediation and collaborative divorce are two options that may help you find a path forward that truly works for your family.

What is divorce mediation?

During divorce mediation, you and your spouse agree to meet with your respective counsel and a neutral mediator knowledgeable in resolving family law matters. Rather than make decisions for you, the mediator helps you both to communicate effectively, identify areas of conflict and potential compromise, and discover solutions for resolving property division issues.

What is different about collaborative divorce?

As with a mediated divorce, during collaboration both sides agree to forgo litigation and negotiate how to divide assets outside of court. However, instead of meeting with a neutral third party, both you and your spouse retain separate attorneys and the four of you agree to pursue a fair division of property through careful asset valuation, constructive discussion, and calculated compromise.

The emotional stress involved in litigating asset division can make it easy to lose sight of your ultimate goal: to establish a solid financial foundation for your separate futures. Both mediation and collaboration may offer important alternatives to expensive and contentious litigation that allow you to fully explore your options while maintaining control of the outcomes.