Family finances are one of the most stressful matters for parties to resolve when relationships come to an end.
Finance mediation offers a safe space to discuss financial matters which maybe worrying them in the short term and discuss financial proposals for the long term. Discussions take place on a confidential and without Prejudice basis thus allowing parties to make their own decisions about what works best for them and their family.
To enable the process to be effective, open and honest financial disclosure is required from both parties. If the parties are not committed to the process mediation will come to an end. The aim is to ensure the agreement is fair and reasonable to enables the parties to financially move on with their lives whilst ensuring their needs are met.
Depending on the co-operation between the parties, participants will find that they can dictate the speed of the resolution which reduce stress and anxiety.
Financial mediation is much quicker than the drawn-out process of the Court which can take months or years to resolve if the parties are engaged in extensive litigation. When parties reach agreement the mediator can draft a memorandum of understanding to pass to their solicitor who can make the agreement legally binding.
The costs of mediation are significantly lower than the Court process which allows parties to manage their costs more effectively, particularly when both parties engage positively. Mediation offers a degree of control and predictability that is not guaranteed in Court.
You can find the a link to our mediation processes here on our specialist mediation website if you want to know more about our mediation service.