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Mediation Week – Dealing with your Finances

If you have financial issues to resolve following the breakdown of your relationship, mediation can help you to reach a resolution cost effectively and much more quickly than via the Court process which is financially and emotionally draining and often long drawn out.

Here are some of the benefits to resolving financial matters with your former partner in the mediation process:-

  • LOSE THE FEAR – Approaching discussions in relation to money can be uncomfortable and something that you may not look forward to. However, mediation encourages open and frank dialogue so that both parties are aware of each other’s positions and can work towards a realistic outcome
  • OPEN FINANCIAL DISCLOSURE – The exchange of financial documentation takes place at the outset of the process so that you and the other party have the benefit of having full and frank disclosure. The mediator can then help you to explore options in order to assist you to reach a fair and practical financial settlement
  • CONFIDENTIALITY – Discussions which take place in family mediation are confidential, in legal terms “Without Prejudice”. Mediation is therefore a safe space for the parties to speak confidentiality.  However all financial disclosure exchanged is open which means that you can show the documentation to your solicitors and seek legal advice in between the mediation sessions
  • AWARENESS – It is important to consider the full scope of your finances. Mediation allows parties to better understand the financial implications of any proposals they each put forward and encourages parties to come to a fair agreement based on their individual circumstances
  • CERTAINTY – Once an agreement has been reached, it will be documented in writing by way of a Memorandum of Understanding (MOU) and an Open Financial Statement (OFS). These documents can be made into legally binding documents. It is important to note that you will need to take them to a solicitor if you want to formalise the agreement for example draw up a consent order.

For more information or to make a referral to our mediation service in Leeds or Harrogate please visit our mediation web page. Alternatively contact us on 0113 322 9222 or