Finance & Property mediation
Mediation also helps with all issues concerning family finances which is usually a cost effective way of reaching a detailed financial settlement on which you can then seek legal advice.
- What happens regarding the family home.
- The division of assets.
- How debts/liabilities will be dealt with.
- How all other finances will be split, such as pensions, savings and investments.
How will money and property be tackled in mediation?
This is the same procedure as using solicitors and/or going to court but mediation can be more effective as the financial information is openly discussed.
You will be asked to provide details of expected income and spending (as far as this can reasonably be predicted) and details of the value of your assets. This means:
- Making a list of all the money you usually earn or receive over a given period of time (weekly, monthly, etc).
- Making a reasonable estimate of what you would expect to have to pay for in the future including housing.
- Providing details of any property, savings, shares, insurance policies, pension rights and other capital assets in which either of you have an interest.
- Identifying loans and debts for which either of you are liable.
Using this information, you will be helped to negotiate on such matters as:
The Family Home – who should live there, should it be sold and, if so, when and how should the money be divided? (In the case of a rented home, should the tenancy be changed or transferred?)
Maintenance and Child Support – how much should each contribute towards the living costs of the children. (and possibly of the adults?)
Possessions – how should these be shared between you?
Future benefits – does one person need to be compensated for the loss of pension rights, endowments, etc? On all these issues the final outcome will depend very much on your views about:
- What is “fair” (which may not necessarily mean a 50/50 split)
- What is realistic.
- What bests meets the needs of all members of the family, particularly the children.
- How your circumstances might be expected to change in the future.