What Happens to Our Finances After Separation?
NAVIGATING SEPARATION
Separation can bring questions about how you will each manage financially, what happens to your home and how money or property might be shared. You may also be thinking about immediate bills as well as longer-term decisions.
There is no single financial arrangement that fits every family. Mediation gives you both a structured space to understand the financial picture, identify the questions you want to discuss and explore possible options together.
What needs to be discussed first?
Are there household bills or living costs that need attention now? What are each of you paying at the moment? If you have children, what questions do you have about meeting their day-to-day costs?
You may also have questions about where each person will live while longer-term arrangements are being considered. An immediate arrangement does not have to settle every financial issue.
What financial information will we need?
To discuss longer-term financial arrangements in mediation, you will both need a clear picture of your finances. This is often called financial disclosure. It can include information about income, the home and other property, savings, pensions, debts and regular expenses.
The mediator will explain the disclosure process and help you identify what information is needed. Sharing relevant financial information allows you both to explore options with an understanding of the overall position.
How does financial mediation work?
Once the financial information has been exchanged, mediation can help you consider the questions that matter to each of you. For example, what options might there be for the home? What would each option mean for your future housing and monthly budget? Are there pensions, debts or other assets you want to understand better?
A mediator remains impartial. We do not decide how finances should be divided or advise either person about what they should agree to. You can seek independent legal or financial advice alongside mediation to understand your own position and the possible effect of an option.
What happens if we reach financial proposals?
If you reach proposals in mediation, these can be recorded so that you both have a clear account of what has been discussed and the financial information on which the proposals are based.
Mediation documents do not automatically make a financial agreement legally binding. If you are divorcing or ending a civil partnership, a financial agreement can be made legally binding through a court-approved consent order. An independent solicitor or other qualified legal professional can advise you about that process.
Would it help to understand your options?
Which financial questions feel most pressing to you? Are you looking to understand the process, or are there particular arrangements you would like to explore together?
A Mediation Information and Assessment Meeting (MIAM) is an individual opportunity to explain your circumstances, ask questions and consider whether financial mediation may be suitable.