Sarah Anticoni writes for IFA Magazine on the benefits of mediation for separating couples
For many, the end of a marriage or relationship combines emotional unrest and significant financial uncertainty. The disruption can undermine the best laid financial and tax plans.
The legal processes to end a marriage and the administrative steps to ascertain a family’s assets before embarking upon planning for a separated family’s future, can be viewed as an unwelcome distress purchase.
In an article for IFA Magazine, Sarah Anticoni, Partner, explains why mediation is often a sensible path for separating couples, and the benefits that this option can bring.
Mediation often appeals to those who wish to have some autonomy over the decision making on their family’s finances. Rather than handing matters over to a judge who will impose an outcome, in mediation, the mediator listens to both parties; gathers the necessary information to identify some solutions; explores those with the parties and reality tests those options. If a proposal is forthcoming, it can be written up in a memorandum of understanding and can be then drawn up into a draft court order to be approved in writing by a judge. No court attendance is therefore necessary.
Mediation is by no means a soft option. To achieve financial outcomes, mediation still includes comprehensive financial disclosure of both parties’ assets liabilities, income and outgoings. There is however scope to simplify, or tailor make the disclosure process to enable parties to understand “what” there is before moving into working out “how” it can be fairly divided.
Read the full article in IFA Magazine here.