Ask yourself if the risk and aggravation is worth the money. Be sure the other party obtains legal advice and representation. Never represent both sides. If you choose to act as mediator, make sure both sides have counsel. Do not allow yourself to take on this role as a favor to a friend.
Favors have a way of becoming burdens.
Don't recommend an attorney for the other side. You may be accused of referring the party to inadequate counsel. Direct the party to a lawyer referral service. Have the agreement executed in the presence of a notary who immediately acknowledges the signatures. Have witnesses present who can verify that the parties did not exhibit any obvious signs of being under the influence of drink or drugs.