When it comes to tracking mouse events, is one method better than another?

I'm wondering if there's any benefit/efficiency to be had when using one central mouse-handling event, versus having separate mouse handlers for explicit events, controls, etc.

In other words, is this...

on mouseclick

test for situation 1

do something

test for situation 2

do something

test for situation 3

do something

...any better/more efficient than

on mouseclick & situation 1

do something

on mouseclick & situation 2

do something

on mouseclick & situation 3

do something

I currently have a project set up using the former arrangement (one central mouse event handler) and it's becoming increasingly unwieldy and difficult to manage the code. So can I consider breaking up the handler into separate individual mouse events, or would it be bad to have, say, 20 separate mouseclick events all tracking the mouse at the same time?

Thanks in advance for any enlightenment here.

"Situation" may be a poor word choice -- each mouse click event is taking place on separate controls and objects in a UI. Some of the controls trigger events, some of the controls trigger events but also trigger other controls, and some of the clicks occur on non-control objects in a layout.

It's becoming increasingly difficult and messy to try to route all these events through a single mouse event handler, which is why I want to employ multiple mouse event handlers, unless there's some penalty/disadvantage for doing so.