How to prepare for your financial mediation
There is a saying we have here at Tiyce & Lawyers: “Mediate, don’t detonate”. Sam Beasley recently posted about the benefits of mediation which you can read here >
There are a number of steps you can take to prepare yourself for mediation and put yourself in the best position to achieve a favourable outcome on the day.
1. Exchange financial documents
Transparency is key to resolving financial matters efficiently. Prior to mediation, you and your former partner must exchange documents evidencing your respective financial circumstances such as bank statements, valuations, credit statements, superannuation statements and the like.
Once you and your former partner have exchanged these documents, you can put together a balance sheet. If this joint balance sheet can be agreed upon early on, then the mediation can focus on the bigger issues.
2. Book an appointment with your mortgage broker, accountant and/or financial planner
It is beneficial for you to have a clear knowledge and understanding of your financial circumstances prior to mediation. Issues that may arise during a mediation include:
a. are there any tax implications of the sale of the property and/or disbursement of business assets?
b. How much is the bank going to allow you to refinance and can you keep the house?
c. Which investments are of more value to you?
3. See a specialist Family Lawyer
It is important to get specialist legal advice early so that you can understand your legal rights and entitlements from the get-go. This may avoid time being wasted arguing over minor preliminary matters on the day of mediation, and prevent you from being caught blind-sided by one of the issues that inevitably creep up.
At Tiyce & Lawyers we are experts in family law and are able to assist you in this process of mediation and negotiation.
If you would like to discuss the prospect of mediating or family law in general, please call us on (02) 9211 9976.
