When a relationship ends and there are significant financial assets involved, a business, multiple properties, a substantial pension, investments, many people assume they have no choice but to instruct solicitors and, if necessary, go to court. That assumption is understandable, but it is often wrong.
Mediation is not just for simple cases
Some of the most successful financial mediations involve exactly the kind of complexity that people assume rules it out. Couples with businesses to value, property portfolios to divide, pensions to assess, and significant assets to account for can all benefit from a mediated process, because the stakes are higher and the cost of getting it wrong is greater.
At Vollans Mediation, we have significant experience working with financially complex cases. We work alongside financial advisers, accountants, and solicitors where needed, and we can help you structure a process that deals with every aspect of your financial situation thoroughly and fairly.
How does financial mediation work in practice?
Financial mediation begins with full financial disclosure from both parties. We help you gather and organise the information you need, including a schedule of assets and liabilities, so that both of you have a clear, shared understanding of what there is to divide.
From there, sessions focus on working through the issues: the family home, pensions, business assets, savings, debts, ongoing financial support. We prepare written summaries after each session and, at the end of the process, an Outcome Statement and Open Financial Statement which your solicitors can use to draft a consent order.
What kinds of financial issues can mediation cover?
- The family home: a sale, transfer, deferred sale arrangements
- Business assets, including valuations and ongoing involvement
- Pensions: including pension sharing and offsetting
- Savings, investments, and ISAs
- Rental properties and buy-to-let portfolios
- Debts and liabilities
- Ongoing financial support, spousal maintenance and child maintenance
Why choose mediation over court for complex finances?
Court proceedings for financial matters can cost £10,000 to £20,000 each, with some people being quoted as much as £40,000. They can also take a very long time, during which financial uncertainty can affect businesses, property decisions, and pension planning.
Mediation is faster, significantly cheaper, and keeps you in control. You and your former partner make the decisions, with the help of a skilled, neutral mediator, rather than having a judge decide for you based on a limited view of your circumstances.
Agreements reached in mediation also tend to be more durable, because you have actively chosen them rather than had them imposed.
What is the first step?
The starting point is a MIAM, a one-to-one Mediation Information and Assessment Meeting with your mediator. We will talk through your situation in detail, explain how the process works, and help you decide whether mediation is the right route. There is no commitment to proceed at this stage.
Ready to find out more? Call us on 0113 213 3662 or email info@vollansmediation.co.uk