Financial Settlement

In mediation we will start a list of what you and your ex own. It is a process of collecting documents and bank statements to evidence your assets. It may include bank accounts, property, cars, stocks and shares.

This disclosure is the first part of the financial settlement.

Sometimes these can be complicated and if they are we can recommend an independent PODE, otherwise known as a Pensions on Divorce Expert. They will be able to give advice on complex pensions. 

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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.

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.

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The Turn 2 Us website can help you see what benefits you may be entitled to while you are working towards financial independence.

We can look at this together in mediation.

This the next list. What you owe, together and separately. This could include credit card bills, car finance, the mortgage, any overdrafts.

That all goes down on the sheet and a picture starts to emerge of what is in the family pot going forward.

Every family will have their own level of income and will come to their own arrangements about child maintenance.

However, there is a Government Child Maintenance Calculator which comes up with the amount below which you must not go. It is calculated according to income and overnights per week.

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There is also the possibility of topping up the basic child maintenance amount with specific payments such as school uniform for example or after-school clubs.

Once we have collated all of the information, you can start to seriously consider options. Whilst these decisions are entirely up to you, a judge will not grant a consent order to make them legally binding unless they seem fair and reasonable. They need to demonstrate a realistic approach to financial survival.