Family law disputes are always unpleasant, and the thought of going to court can be overwhelming. This is where mediation, with its financial advantages and quick turnaround times, comes in. Mediation requires considerably less preparation time as it occurs at the beginning of the dispute and is less formal than arbitration, reducing costs substantially. It can be an excellent option to avoid lengthy court trials where disputed parties can resolve conflicts with the help of a neutral expert known as a mediator.
At the outset, these are the reasons why mediation is more cost-effective than going to court:
- Quick resolution: Mediation is a viable option when there are smaller, fewer disputes between two parties. Thus, the professionals involved, such as the mediator or lawyer, will spend less time on the process, dropping the costs of the process substantially.
- Easier corrections: As part of the mediation process, parties can request to include a clause for future meetings with the same mediator. Thus, any corrections or changes in the agreement can be carried out quicker as the mediator is already aware of the workings of the case.
- Fewer professionals: In mediation, the two parties are required to work together to resolve disputes by negotiating and compromising. The process does not need an army of professionals, keeping the costs low.
Read on to find out more about the financial advantages of mediation from Westover Law.
Instead of two attorneys, each party only bears half the cost of a mediator
Resolving disputes through court trials and litigations can be an expensive affair. Both parties may need to hire lawyers, who normally charge by the hour. Even if the parties do not go to trial, the pre-trial discovery phase can be costly. Even in short cases that are generally uncomplicated, the costs can add up through evidence and trial materials, expert witnesses, or depositions. These expenses only go up in long, complex cases.
One of the reasons mediation is considered a cost-effective and financially sensible option to solve disputes is because both parties split the cost of the mediation fee, thereby avoiding exorbitant court litigation fees. Mediations are also completed in one or two sessions, unless it is a highly contested issue, saving more time, effort, and most importantly, money. In some cases, parties do not even hire lawyers during the mediation process, making it more cost-effective.
Mediators often offer flat rate or lower hourly rates than attorneys
While some mediators charge by the hour, others may charge by the session. In many states, though, mediators offer their clients a flat rate for the entire mediation process. However, this will be based on certain criteria such as the number of sessions required or the time period within which the process must be completed. If there is a need for an additional session beyond what is prescribed, the mediator can bill for it accordingly.
For more information on the financial advantages of mediation and how it is more cost-effective than court litigation, give Westover Law a call today!