If you are divorcing it is advisable to have a legally binding financial order. The first stage of the mediation process requires all parties to disclose full details of their current financial position.
Financial disclosure covers assets, liabilities, income and expenditure. Once this stage is completed, the mediator will help you to consider your future needs, expectations and look at possible options and how they would work in practice.
Mediation will also consider the need and appropriateness for any maintenance paid by one party to the other, and also covers child support payments. The aim is to try and achieve a financial settlement that is fair to both of you and which always puts the needs of children first.
Once you have reached an agreement in mediation, draft documents will be produced which you can use to take any further advice you may need, either from a solicitor or perhaps an independent financial or any other professional adviser.
Sometimes after taking advice, further negotiation in mediation may be required. Once final agreement is reached, a solicitor can prepare an appropriate legally binding document.
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