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:-
From this you can make decisions on issues such as:-
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.