Do I have to file for divorce – or are there other options?

I'm sure you're thinking at this point that the divorce process does not seem as simple as you originally thought, and typically if it involves a business valuation and or more complicated financial issues, then you could be correct. There are other options to getting divorced depending upon your situation , your relationship with your spouse, your communication history with your spouse, or even depending upon your financial situation.

Should I get a business valuation done before I file for divorce?

Most people will want to do some pre-divorce planning or at a minimum know what the business is worth before they even decide whether to get divorced. Typically the business owner will reach out to a valuation expert and say “I want to try to get a valuation number because I'm doing some strategic planning” or “I just want to know what the business is worth for internal purposes”. Typically, the owner will not tell the valuation person the whole story or that they are considering getting divorced. This could lead to a serious issue in the future divorce process if you get a valuation in writing, as of a certain date, for any purpose. This report and any emails you exchange with this valuation expert could now be discoverable. What that means is that any email or conversation you have with this person could be shared with everyone in the divorce process even if the valuation took place prior to the divorce.

Family law attorneys often ask me if they really need a valuation and how to work with a valuation expert witness in a divorce matter.

Here are some things to consider. What do you know about the business? Understanding whether you need a valuation has to do with several factors, some of them are about the business and some of the factors are about the strategy for testimony regarding valuation and maintenance issues.

How long does mediation take?

That's the golden question. I will tell you that depending upon how difficult your case is, how complex is the financial situation, and how complex your assets are will determine the time.

How much does mediation cost? It really depends again on the mediators and the complexity of your case. If you have a very simple case, you might be able to find a mediator that will do it for a fixed fee.