It’s easy to say “I’m going to sue you!” However, taking someone to trial isn’t always the most cost-effective decision. In fact, it should be used as a last resort. What attorneys often recommend is legal mediation services. This type of intervention takes place outside the courtroom. A neutral third party listens to both sides and helps them come to a reasonable and fair agreement.
More people are choosing mediation over litigation because it’s practical and economical. Is it right for you? It could be. Work with your attorneys to determine the best approach. In the meantime, here are some of the ways that a less hostile negotiation can save you money-
Preserve Financial Assets
Why waste your hard-earned money fighting your way through court? These investments can be used for other things in life, such as sending children to college or paying off a mortgage. Just think. According to recent statistics, a typical divorce costs $15,500. The more issues that go to trial, the more the divorce costs. On the other hand, a mediated divorce can cost less than a few thousand dollars.
Control over the Decision
Even though some people are eager to take things to a higher level, control is lost in the courtroom. Once a verdict is reached, there is no going back. With a negotiation, you have a lot more say over the settlement agreement. Several options will be presented, and hopefully, you and the other party can agree on one of them. Usually, clients are able to come to a fair resolution in four to six sessions.
Receive Input from Financial Advisors
Legal mediation services allow you to bring along independent financial advisors and other professionals who specialize in taxes, real estate, parenting, and more. If you don’t have access to these professionals, they can be referred to you. This way, you may receive sound financial advice as you reach a fair agreement.
Are Legal Mediation Services Always the Cheaper Option?
There is no guarantee that handling your case with a neutral third party will be cheaper. In many cases, it is less expensive, but it comes down to how many sessions you need as well as your good faith efforts to reach a settlement. If you are not moving forward in this type of setting, you can go through litigation.