When wealthy British Columbia residents file for divorce, they typically have different concerns than those with more typical incomes. For most people, the costs of a divorce are the primary concern, and litigation is often too expensive. When it is a high-asset divorce, the process is usually affordable, and the concerns of both parties are often more focused on protecting their wealth.
However, even a high net-worth couple can limit the costs of a divorce if they are able to avoid litigation. Collaboration or mediation are alternatives that allow divorcing couples to maintain control of the outcome — something that may be lost if the judge is the one to make important decisions that can affect post-divorce financial stability. The level of a couple’s wealth should not determine their ability to negotiate contentious issues and compromise when necessary.
Another process that can save significant amounts if avoided is valuation battles. Going to court to fight these battles can ruin anyone’s finances, while the services of forensic accountants can obviate the need to litigate. Spending thousands of dollars to seek hidden funds is also best avoided unless there is definite proof rather than gut feelings.
The truth is that any British Columbia couple committed to resolving their divorce issues without litigation may be able to save hundreds of thousands of dollars along with a lot of time and trauma. However, a vital ingredient in this recipe is an experienced divorce lawyer who is skilled in navigating a high-asset divorce. Such a professional will have the necessary resources to get valuations and assessments done. These may include forensic accountants, tax advisors, realtors and more.
Check us out if you have any questions about family law:
Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
Source: theglobeandmail.com, “Note to wealthy people considering divorce: Stay out of court“, Danielle Boudreau, Accessed on June 23, 2017