Family mediation is a process that focuses on the future wellbeing of the family to encourage a practical and cost-effective approach for dealing with your financial issues. As you may already know, a family’s financial assets may include a family home, businesses, pensions, among other assets. A family mediator helps a couple take into account a wide range of factors, including legal ones, which they need to consider during settlement discussions.
Family mediation can help you resolve financial conflicts in your family, whether it results from a breakdown of a relationship or not. It involves a series of discussions between you and your partner facilitated by a mediator. It is usually much quicker and cheaper than going through a court process. Family mediation is the best choice for couples who want family dispute resolution in as painless a manner as possible.
The mediation process
The financial mediation process begins with the mediator initiating a short call with each of the parties. The purpose of this call is usually to talk about the mediation process and consider separately with each party if there is anything that would mean that the mediation is not appropriate.
Following that, the mediator would then initiate individual meetings with each of the parties to briefly discuss the background of the family dispute and reinstate the importance of the mediation process. The content of this meeting is confidential, so the other party doesn’t get to know.
If both want to go ahead with the mediation process, the mediator arranges joint meetings to discuss the family’s financial problem. Further collaborative sessions mostly focus on discussing the arrangement of the children’s future, followed by a review of the family’s financial disclosure and exploring possible financial settlements. When the couple reaches an agreement, the mediator can record the relevant information and agreement reached. However, any agreement reached upon mediation is not legally binding until the couples seek independent legal advice.
Benefits of family mediation in resolving financial disputes
The mediator’s primary role is to facilitate communication between two parties to encourage suggestions on resolving the financial dispute. When they reach an agreement upon mediation, they are more likely to be satisfied and stick to it in the future. This is especially beneficial to families with children involved and who will be in a relationship in the future for the children’s sake.
It puts you both in control of your family’s future.
During a family financial dispute resolution, common concerns include the finances on separation, the use of the family home, and future arrangements for the children. The mediation process allows both parties to control their family’s future most flexibly and comfortably rather than the court imposing arrangements on them.
Minimizes impact on children
In most cases, whenever a couple fights over finances, the children are mostly affected. Family mediation in resolving financial disputes helps minimize the impact on children. The mediator helps the parties make the best decisions in a confidential and constructive setting.
Private and comfortable space for calm communication
Family mediation focuses on providing a private and comfortable space for both parties to have clear communication. It is possible to have the conversation online via video conferencing or zoom, which means that the family can resolve their disputes despite their geographical separation.
The bottom line
Family mediation to resolve financial issues helps you make informed decisions to reach a financial agreement that is fair and practical.