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How can family mediation help with decisions about money and property?
Whether or not you have children, divorce and separation can be a financial minefield, with issues around money and property feeling like they take over. Questions like, what will happen to the house, the pensions, investments, and whether or not maintenance should be paid can seem overwhelming and confusing.
Solicitors are often the first professionals turned to for assistance with resolving your finances upon separation and ultimately an application to the court may be made. We believe that mediation is a far better place to start. One of the major benefits of coming to mediation is that you get to sit down with your former partner and discuss the realities of your financial lives together. Very often, for one party in the relationship, this is for the first time.
At Your Family First we support you in this journey by explaining to you which documents you need and why. We will help you to gather together all of the necessary information that will be needed to help in making decisions for your family. You may have already done some of this work with your solicitor and if you have that’s great and these can be used within the mediation.
Your mediator will help you to provide full financial disclosure which is evidenced by statements, wage slips, account summaries and the like.
How do we begin to make decisions about money and property?
Before decisions can be made as to how money and property should be resolved or before solutions can be found it is important to be able to identify and understand the family assets. The mediators will help you identify assets; assist with valuing assets and once that has been done it makes it far easier to begin to discuss solutions.
The mediator will help draw up a list of assets (all the property, money, investments etc. that you both have) together with identifying all liabilities (debts, loans, finance agreements etc.).
Once a schedule of assets and liabilities has been drawn up and everybody understands the family finances, it is then possible to look at options with you.
You may already have an idea in your mind about what you are hoping to receive or are willing to give. A real advantage of mediation is that you get to make suggestions and discuss ideas without the worry that the discussions will be brought up in Court. They won’t. The mediation process encourages options to be considered and they can be tested within mediation to see how they would work in practice for you and your family. Such discussions remain confidential throughout mediation.
As part of the mediation process, it is intended to provide an Open Financial Statement that will incorporate all of the financial documentation that has been provided throughout the mediation sessions. That open financial information can be provided to your solicitors.
Letting Your Family First assist you in your financial negotiations will leave you feeling empowered and in control, with a knowledge of your financial situation and its consequences that will go with you into the future.