Mediation for property and finances
What can mediation cover?
Mediation is a well established method of dealing with issues involving finances and property. It can help you to reach a financial settlement which then provides the basis for legal advice, or agreement. Mediation can cover a range of issues:-
- Property issues, including the family home and other associated property and dwellings.
- A fair and equitable division of assets.
- Debt and other liabilities and how these will be agreed upon.
- Pensions, savings, shares and other forms of financial assets and how the division of these can be decided upon.
Money and property issues
There is little difference between mediation and attending a solicitor, or court, to discuss financial problems. As mediation is an open process it can be much more agreeable than a legal solution. In mediation, financial details are freely and openly discussed.
The first step in resolving money and property issues is to make an honest assessment of your income and expenditure. This should be done according to the best possible prediction that you can make. You should also make a statement of assets and liabilities.
In summary you should:-
- Make an account of expectations of income. This should cover income from employment, self employment and other sources such as share dividends.
- Make an account of expenditure. Be sure to include all expenditure in this statement, including annual expenditures such as car repairs or MOT costs.
- Produce a statement of your assets and liabilities. Be sure to include property, shares, pensions, loans and mortgages.
- List any loans or debts where you have joint liability such as a joint mortgage.
From this you can make decisions on issues such as:-
- Maintenance and child support. How much should be paid, on which dates, and when should this be reviewed?
- Home and dwelling issues. Who should live in the family home? Should the family home be sold, and if it is how should any equity be shared between partners?
As well as the family home, there are other possessions and assets that should be discussed. If one party is losing access to future asset streams such as pension rights, endowments or share dividends then this should be accounted for.
You need to make sure that the division of assets is fair and equitable. This may not necessarily imply a 50% split of assets. You need to consider the needs of all parties concerned, including children. You also need to consider future needs and requirements and how these may change in the future.
In summary, mediation provides a quick and efficient method to consider all issues involving property and assets. Most importantly, it can save you money when compared to expensive legal proceedings.
Contact us for Family Mediation – 03300 101 354