When a lawsuit is taking place, a lot of parties like to come to an agreement on a mutual settlement. That way, everyone can keep in negotiations private and nobody has to worry about the cost of going into the courtroom. On the other hand, sometimes it can be difficult to come to an agreement when it comes to a settlement. That is where mediation can be helpful.
In some cases, mediation can be expensive. In order to minimize the cost and still get as much as possible out of the mediation process, it is important to go in with a checklist. First, make sure that all parties are fully briefed on the legal aspects of the case. Then, each party should write down his or her respective goals for litigation. That way, the mediator knows what the major sticking points are of the negotiation process.
Then, everyone should get a good night’s sleep before the mediation process and enter the room and realistic expectations. Keep in mind that taxes may have an impact on the financial aspects of any mediation settlement. On the other hand, I understand that money can grow over time. Everyone should work with an expert to understand the power of money when it comes to compounding interest.
Furthermore, it is important for people to be prepared to walk away. If people walk into mediation expecting that it is going to be solved on the first attempt, this may not happen. Even though a significant percentage of cases are resolved on the first try, it may take multiple attempts. Keep in mind that a single lump sum of money can translate into significant wealth in the future. On the other hand, newfound wealth can also bring challenges, problems, and issues that were not present before.
Ultimately, when it comes to the mediation process, there are benefits and drawbacks. It is critical for people to think about all of these legal aspects before they walk into the room. That way, they can position themselves to take advantage of the assistance of a professional mediator. If everyone goes into the mediation process with this checklist, there is a greater chance of the case being settled.