Is Property Division through Mediation a Good Idea?
Relationship breakdown and the decision to get a divorce can lead to a series of emotionally distressing events. Not only do you have to cope with the stress and emotions, but also make important decisions regarding division of assets and property. You may have worked hard with your spouse to build a life together, bought vehicles and a home, started a business together, and saw your investments grow with time – it will not be easy for you to divide everything without letting anger and disappointment influence you.
Instead of going to court and leaving the division of your hard-earned property and assets to court, you can opt to settle matters amicably. You can discuss the property division in the presence of a third party who will host the negotiations and help you and your spouse in reaching a fair settlement.
Understanding Mediation for Property Division
Mediation refers to a process where an independent, neutral third party, known as the mediator, hosts negotiations, and helps both parties to resolve the dispute with the help of mediation techniques. However, they are not allowed to arbitrate the conflict on their own. The job of a mediator is to assist the conflicting parties in reaching a settlement by considering their individual interests and issues and providing a set of options that addresses the needs of both parties.
In case of a divorce, the division of property is the most contentious and complicated issue that is difficult to resolve without the help of a third party. However, in many divorce proceedings, couples leave the decision to the court to reach a fair, non-biased settlement. But going for mediation for property division can allow both parties to reap a number of benefits over litigation.
Benefits of Mediation for Property Division
- As compared to litigation and court proceedings, mediation is a relatively quicker process. It generally takes from several days to a few weeks to reach a resolution, whereas it can take months if you leave the settlement to court.
- Mediation is more like an informal approach to resolving a dispute and allows for a friendly environment for spouses to freely discuss their individual interests. In contrast, a litigation is bound by several rules and regulations that restrain them from sharing their interests with one another.
- Another great benefit is that mediation costs relatively lower than a court lawsuit. In cases where both parties are in a financial fix, mediation can be the best option to settle matters.
- As compared to court litigation, mediation provides added confidentiality making it a better option for couples going through a high net-worth divorce. This is because court proceedings are public and others can easily learn about the personal issues and the amount of assets and property the couples have. On the other hand, only a handful of people are present during negotiations, allowing couples to keep their matters private.
If you are going through a divorce and want an experienced property division attorney to handle your case, you may contact the Law Office of Fedor Kozlov, P.C. today at (847) 241-1299 to schedule a free initial consultation.