The Costs of Divorce

I just have to vent a little bit on the subject of an article featured by one of the main speakers at this weekend’s IACP event in Chicago (see link below).

The story summarizes the failed divorce trial of a couple with an estate valued at $100 million. The trial ended almost before it started with a mistrial and for that experience the couple spent approximately $7.4 million combined in legal fees.

Wow.

The story goes on to describe how the couple fired their litigation counsel and hired collaborative attorneys. For about 1% of their prior legal bills, the collaborative team brought the couple all the way through to a completed divorce agreement.

Very few people can relate to having an estate worth $100 million. Unfortunately countless families can personally identify with the economic devastation that the costs of divorce have wrought on their finances.

I regularly have clients who litigated a divorce several years ago and have now sought out mediation or Collaborative Law to work out a modification of their agreement. One of the main reasons they are seeking an alternative process is to avoid repeating the financially devastating process they went through.

Many with a bit of perspective can look back and realize the money they spent on the process just wasn’t worth it. In a way, their own emotions hijacked their own wallet.

While mediation and Collaborative Law are not without costs, they can be and should be a far better cost alternative to litigating a case. If you would like to discuss how mediation or Collaborative Law might work for you and your budget, please contact my office.

Article Link:

http://www.dmagazine.com/Home/D_Magazine/2012/September/Ed_Bailey_100_Million_Dollar_Divorce.aspx

Martin Murphy, Esq. is a collaborative attorney and seasoned mediator. He is dedicated to using the principles and benefits of mediation and collaborative law in the general representation of businesses, their owners and in helping families facing divorce, child custody and other family law issues. The Law Office of Martin Murphy, LLC located in Norwood MA, serves clients in the surrounding communities including Attleboro, Canton, Foxboro, Franklin, Mansfield, Medfield, Medway, Millis, Norfolk, North Attleboro, Plainville, Sharon, Walpole, Westwood, and Wrentham., Marty can be reached at marty@martinmurphyatlaw.com

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