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Family disputes that involve real estate can be extremely complex and costly to resolve. Through the mediation process, the parties involved can settle the issue in a faster and less costly way than litigation. Property mediation allows both parties to come to a resolution that will keep any pending projects moving forward and avoid real estate transaction delays that can impact your financial wellbeing.
When parties separate, the often times have acquired landed properties RSPs RRSPs have cash balances and have businesses. They also have debts and legal obligations to third parties.
You need to know how to deal with the financial issues that arise after separation. This is what Property Mediation is about.
The mediator will help you achieve a reasonable and practical outcome. Additionally, if the alternative dispute resolution process is handled with the desired speed and efficiency, it will help protect the financial interests of everyone involved.
To begin with, both parties agree to work with a professionally qualified mediator who will facilitate the negotiations between the parties. The role of the mediator is to encourage both parties to make concessions review the parties documents and reach an agreement.
Next, the negotiations begin where the mediator will speak with each party in the presence of their legal representative individually. Having a lawyer by your side when speaking to a mediator is crucial to ensure your best interests are safeguarded.
The mediator will then begin negotiations between both parties. This can be done in different ways. One option would be to keep each party in a separate room, and the mediator will relay the settlement offers and responses to each separately. This is often the option used in cases where there is a concern of family violence between the parties. The other option is to have both parties present in the same room and have a discussion together.
Keep in mind that a property mediation is simply an opportunity to resolve all or some of the property disputes you have with your spouse. The key to having a successful process is to remain calm even if the other party fails to agree immediately to your offer. It’s important to discuss the best and worst cases with your family lawyer in Toronto and get advice on the way forward.
Our team at Elvira Akinyemi Law Offices can help address real estate disputes in a cost-effective and convenient manner for the client. We will represent our client during any negotiations with mediators and arbitrators to address the specific issues at hand and ensure all logistics and communication are handled properly.
