Billionaire T. Boone Pickens was recently divorced from his 4th wife and chose collaborative practice to settle his divorce.
“The collaborative approach saves both money and emotional wear and tear on families.” Pickens said.
Should non billionaire couples consider the costs of divorce before choosing how they divorce? Couples should do their research about different processes and the costs of each process.
Creating a separation agreement with the help of a mediator means you share the cost of one mediator. If you are choosing the collaborative law approach, you are each working with your own lawyers however, much of the work can be taken on with the help of other collaborative team members.
If you have a family professional, rather than your own lawyers, they help to create and draft a parenting plan. This is a shared cost (usually at a lower hourly rate than lawyers). If you use the assistance of a divorce financial professional, like a Certified Divorce Financial Analyst (also usually at a lower hourly rate than lawyers) to help with gathering the financial information, you’re sharing that cost (and the work too as there is usually one spouse that has handled all the family finances and is better at accessing all the financial statements and documents).
Billionaires become billionaires not only because they make millions… they also recognize when they have the opportunity to save a million or two.