Financial Settlement
There are many variables in finding the right Financial Settlement for your family. Certainly, it may feel overwhelming at the outset. Mediation provides a structured approach to finding a way through.
By inputing all the information, a picture will emerge of what is in the family pot going forward and how best you can achieve financial independence.
According to the Family Mediation Council, the average cost for both participants to attend a MIAM, a successful mediation with outcome documentation is £1,641
What we might discuss
The Financial Settlement can seem overwhelming but the process of mediation breaks it down into a methodical approach that brings clarity to the situation.
1
Assets & Liabilities
In mediation we will start a list of what you and your ex own, jointly and separately. Also, what you owe.
It is a process of collecting documents and bank statements to evidence your assets.
It may include bank accounts, property, cars, stocks and shares. Liabilities would be a mortgage, repayment plans, credit cards etc.
3
Child Maintenance
Every family will have their own unique circumstances.
The Government Child Maintenance Calculator comes up with the amount below which you must not go. It is calculated according to income, overnights per week and other considerations.
2
Pensions
Sometimes these can be complicated and if so, we can recommend an independent PODE, (a Pensions on Divorce Expert). They will be able to give advice on complex pensions.
In any event, what the mediator will need to see is the CETV of your pensions. That is the Cash Equivalent Transfer Value. This document is provided on request and is not the same amount as the value of the pension.
4
Benefits
In separating, your financial position will most likely change. You may find that there are benefits that you become entitled to as a single parent. This will form part of the overall financial picture.
The Turn 2 Us website can help you see what benefits you may be entitled to while you are working towards financial independence.
Useful Links
The legal process of getting a divorce outlined on the government website.
Counselling services for every type of relationship nationwide. Provides advice on marriage, LGBT issues, divorce and parenting.
Straight-forward information and practical support to anyone struggling financially.
Advice available on the phone or in-person by appointment on debt, housing and a range of other issues.
A toolkit compiled by a group of expert lawyers to ensure that the neurodivergent community has equal access to justice.
It is simple to use and calculates the amount of child maintenance due according to your unique circumstances.
If you were not married or if you had a civil partnership, the rules around dividing assets are different.
Helpful information on how divorce impacts pensions.