Mediation to Discuss Financial Agreements
Financial Mediation for Married Couples.
Our financial mediation process follows the same format as the Form E Financial disclosure within the court. The only difference is it tends to be considerably quicker and cheaper than court. If an agreement can't be made in mediation clients often find they still save in terms of cost and time purely by documenting everything through mediation.
Making full and frank financial disclosure means disclosing and then gathering evidence to exchange with one another of all of the different assets and liabilities that have accrued during, and often also before the marriage. We then move forward by focusing on what is required by both parties in the future to meet their reasonable housing needs.
This information is used to draft the Open Financial Statement which is the draft working document used in the financial negotiations. This is an easy-to-follow visual plan of everything that you jointly or individually own and owe.
If agreement is reached, then the Memorandum of Understanding is drawn up which details what has been agreed and clearly shows how finances will be divided following separation.
Financial Services for Non-Married Couples
The process for married and non-married couples is the same, however non-married couples are only obliged to disclose jointly owned assets.
Non-married couples may wish to discuss other assets for example income when deciding on a child maintenance figure, however this is done voluntarily within the process of mediation in order to reach an ongoing financial agreement that works for both parents, but particularly for any children involved.
Wiki Divorce Calculator
This can be a helpful initial indicator of your circumstances:
https://divorce.wikivorce.com/divorce-calculator/divorce-calculator.html
We recommend taking legal advice whenever possible, including by taking up to half an hour of free legal advice from one of the free legal advice clinics listed on the www.lawworks.org.uk website.