Just because you both have attorneys does not mean that you will go to trial. To me, it means that you work out what you can and let the attorney's iron out the wrinkles. You may not get default - but it doesn't have to be a court fight either.
I don't want to project too much -- but I've been dealing with this (or something similar to this) as well.
IMHO - even if you mediate, you still need an attorney to review to ensure that your interests are covered. A good mediator doesn't represent either of you and their job is to get an agreement. Personally, I would hope that both parties have their own attorney even if they mediate.
If you choose not to do formal mediation, that's ok too. The end goal is to get an agreement that you can both sign.
If you can't reach agreement, then the courts decide only on those aspect that you couldn't reach agreement on.
At least that is the impression I've gotten from the attorneys I've talked with.
I hope there are those who have BTDT that may be able to shine the light on this for both of us!