Financial Mediation for Divorcing Couples

You need a financial settlement if you plan to Divorce

If you are planning to divorce your spouse, you MUST have reached agreement for dividing your assets and settling your liabilities. Many courts WILL NOT finalise your divorce until you have done so.

More importantly, if you do not settle your finances before you are divorced, you may each be liable for the other’s future debts as well as future wealth. If you did not settle your finances before you divorced, don’t worry, we can still help you

You need a financial settlement if you plan to Divorce

Financial Disclosure

Each person, should make a full disclosure of all their assets and liabilities, whether owned solely or jointly. This disclosure, is then used as the basis for discussion during the mediation process. The aim is to agree how your assets and liabilities are dealt with as part of your divorce. You family mediator will help you to explore options for dividing possessions such as, properties, pensions, saving and investments.

IMPORTANT: You may not be able to divorce unless you have reached a financial settlement with your Ex

How does it Work?

If you are divorcing then there is a requirement for you to prove to the courts, that you and your Ex have reached a financial settlement agreement. You will need to satisfy the courts that you and your Ex have agreed a ‘fair’ settlement and if children are involved, that the children will looked after financially. Once the courts are satisfied on this matter the divorce may proceed to Decree Absolute.

We have one of the most comprehensive Financial Mediation services available to you. At your MIAM (What is a MIAM? Click here), your Mediator will explain what you will need to do. You will each be given a very easy form to complete, called an Assets & Liability Form and we can provide in a number of formats to suit your needs. The form will ask you to provide financial information about your assets (property, pensions, items over £500 and any other valuables) and it will ask you for details about any debts you have (mortgage, credit cards, loans, etc.). Each person then completes the forms and provides documents, such as statements and valuations and we will do the rest.

At your first joint meeting together, your Mediator will provide you each with a draft Open Statement of Financial Information detailing all your assets and liabilities. With your permission, the documents will be shared with each of you. Obviously, some of the items will be jointly owned and therefore will be contained on both statements. Your Mediator will then begin discussing what you each wish to do in terms of dividing these assets.  once agreed, your Mediator will combine your individual statements to create a joint statement.  All agreements and terms and conditions will then be summarised in a Memorandum of Understanding (What is a Memorandum of Understanding? – click here).

Once you have reached agreement on your finances, either you or your Ex will need to request a Financial Order to be drafted. This is normally completed by a solicitor as it is a legally binding agreement that will need to be sent to the courts as part of your divorce.  The benefit of having the statements and memorandum drafted by your Mediator, is cost. You can save hundreds of pounds doing it this way. A lawyer, may charge their hourly rate in gathering the information and drafting statements. It is easy to see where the savings are when you compare the rate charged by a solicitor, which could be up to £250 per hours in comparison to our rates of £60 per hour.

If you would like more information about Financial Mediation for Divorce, then call for a no obligation chat with one of our advisors. Call 0330 113 0005

You need a financial settlement if you plan to Divorce
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