Mediation is a collaborative way for people to resolve disputes. It involves the parties meeting together with a mediator to talk through their dispute and points of view. The mediator facilitates the conversation to help the parties reach an agreement that is acceptable to them both. The parties can choose whether to have their lawyers attend with them.
This involves both parties, their lawyers and a neutral third party. A Counsel-led mediation is mediated by a lawyer, who is a trained mediator. Both parties have to agree to a mediation.
Chances of success: The result in a mediation will never be a 50/50 division. One party will always get a larger share of the property pool, but this may be an attractive option if you are looking to resolve the matter quickly.
Costs: Mediators may cost up to $10,000 per day and the costs will be shared by the parties.
Timeframe: A mediation can normally be arranged within 4 weeks. However, this is dependent on the availability of the lawyers, the parties and the mediator.
If the matter is resolved outside of court, a section 21A agreement needs to be drafted outlining the terms of the settlement and signed by both parties and their lawyers.