Mediated Settlement
The expert accountant can be of use in a mediation approach, rather than litigation, to resolve financial disputes.
Financial disputes, whether between businesses, shareholders, partners or married couples, are especially well-suited to the use of mediation. Mediation can help avoid lengthy and costly trials, maintain the privacy of the involved parties and preserve ongoing business relationships.
In litigation, an expert accountant traditionally provides testimony for one of the parties, to help the Court understand the particular issue. When using mediation, the expert accountant may still act for one of the parties. However, depending on the form of mediation, the expert accountant's role may be expanded to include advisor to the client in mediation or consultant to the mediator.
A forensic and investigative accountant may provide clarity to complex business transactions, trace assets, or uncover sources of income. A business valuator generally determines the value of the business or assets in question while a tax specialist helps clarify issues and provide practical solutions within his speciality.
Mediation is an opportunity for two or more people to come together to try to work out a solution to their problem, rather than entering into a courtroom setting. A neutral third party, the mediator, trained in conflict resolution, works with them to create dialogue and ideas. The mediator is impartial and does not offer any decisions. Any agreement reached is designed by the parties themselves to address their needs and wants.
Even though mediation is much less formal than going to court, there is a process to it: to encourage a mutually beneficial outcome. Mediation is a forward looking process focused on problem solving rather than wrong doing. Positives, rather than negatives.
Simply put, the mediator's job is to help the parties identify issues, explore options, and determine if a mutually satisfactory agreement is possible.
For more information on financial dispute resolution, contact Bailes & Co., P.C. at (903) 561-5859.
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