There are many financial issues which will need to be resolved at separation. We can assist you in this process whilst allowing you to reach your own decisions concerning your financial affairs. We have qualified lawyer mediators who are resolution accredited specialists in resolving financial disputes, so they have sound legal knowledge, which can be used in the mediation process to ensure that any agreement reached, is within the legal parameters and capable of being drawn up into a legally binding order.
Without use of expert mediators such disputes can escalate leading to lengthy and costly court proceedings. This can not only be financially, but also emotionally overwhelming.
Financial Mediation Process
The first step is to gather what we call the “financial disclosure”. This means gathering all the information relating to all assets, income, pensions and liabilities. Once we have all the information then we can begin the discussions.
The length of time it takes to resolve the matter really depends on the complexity of the issues involved, how quickly all the financial disclosure can be gathered and how quickly the parties can reach on a consensus. Each party is entitled to their own opinion on matters and it is simply a matter of assisting you both to reach on a mutually acceptable outcome. The advantage of this process is that you can always ask questions, clarify matters and make suggestions without it costing you any more, as it would, if you were to send lengthy correspondence through solicitors. Matters can be clarified quickly as both parties will be present, and this also prevents matters becoming protracted.
We understand that couples going through a divorce or separation can find it difficult to sit and talk and often all attempts at this usually end up in arguments. This can be a very difficult and stressful time. Mediation is a good way of having this essential “chat” without involving personal feelings and with the assistance of a mediator who is neutral and will help to bring both parties to focus on the issues that need to be resolved. Mediation can therefore help to reduce the conflict and deal with matters in a non- confrontational manner which inevitably helps in keeping costs down.
The type of things that may be discussed are:
· What happens to the family home
· How will the debts be paid
· What happens to the pensions
· Housing needs for the family
· Ongoing financial support
The mediators aim is simply to help parties reach an agreement which feels fair to both. We are not there to take anyone’s side and will ensure there is a level ground for both to have these essential discussions. If at any stage mediation does not appear to be working, either party can leave the process as it all takes place on a voluntary basis. However, in our experience this is very rare.
As the final outcome will be agreed by both parties, there are no “winners or losers”. This is comparable to court proceedings, where a court may end up having to make a decision, (if the parties are unable to settle the matter) and this can often leave one party feeling aggrieved or having “lost.” This is also, usually after a long costly court battle. This can be particularly unhelpful especially where children are involved, and the parties will still need to communicate after the court proceedings have come to an end.
In Mediation, when you have reached on a consensus we can draft up a document called a memorandum of agreement which can then be taken to your solicitor to be drafted up into a consent order (legally binding). This is a final court order which prevents any further claims being made against each other in the future. We recommend that you take your own independent legal advice throughout the process and particularly in relation to the final agreement reach
Get an experienced specialist to help you make the right decision based on your specific needs.
We understand that finances can be the most challenging part of separation and divorce.
We will try to achieve the best possible outcome