The mediation process enables parties in a dispute to resolve their problems and come to a mutually agreeable solution outside of court. For example, people seeking an uncontested divorce often use mediation to settle complex issues like property division and child custody.
When mediation deals with the separation of property, valuation can provide crucial information about the price of various assets.
Advantages of using mediation
If you can resolve your divorce through mediation, there are many benefits to pursuing this path. Mediation usually costs less money and time than going to court. In addition, it protects the confidentiality of divorcing people. Furthermore, mediation is less formal and allows parties, such as divorcing spouses, to work through difficult, emotionally-charged issues. In general, people who go through mediation report higher satisfaction with the outcome than those who go to court.
Valuation issues in mediation
When splitting marital assets, valuation establishes the price of properties like real estate, vehicles and small businesses. Divorcing people should compile relevant documentation, including deeds, titles and tax returns. In addition, people undergoing a divorce can hire appraisers to assess the value of their assets. Mediation allows divorcing spouses to resolve disagreements regarding the value of their shared assets. For example, a mediator can help both parties reach compromises that help them avoid a lengthy, damaging divorce.
Mediation offers many advantages over going through a lengthy, expensive court battle. Valuation is important when using mediation to divide assets fairly. When valuation disputes arise, mediation can help forge compromises and resolve difficult issues.