If you are separating and wondering how you go about sorting out your finances, the chances are that you’ve Googled something along the lines of “how to split finances on divorce?” The answer is likely to come down to how much assistance you are going to need in reaching important decisions about your finances, and in this respect there is a “sliding scale” in terms of how interventionist the various options are.
At the bottom end of the scale i.e. where all power/decision making lies with you, is mediation. During mediation, the mediator – who is completely impartial – guides the conversation between you and your partner/spouse and helps you both to understand each other’s motivation and interests, so that you can (hopefully) reach agreement between you. The mediator does not make the decisions, and cannot force you to make decisions. Because it is an entirely voluntary process and because the outcome requires mutual agreement, it is a particularly effective way to resolve matters when preservation of a future relationship is important to both of you. It is also often the least costly means of resolving disputes, although this doesn’t mean there are no costs involved. There are circumstances in which mediation may not be a safe or suitable way to resolve your issues, and a mediator will always “screen” for suitability during your initial meeting (known as the MIAM).
At the other end of the scale is arbitration, where decisions are made by an independent third party who is most commonly an experienced family barrister or family solicitor who sits as a private judge. Arbitration functions like a streamlined, private court trial. You will usually be represented by a barrister or solicitor who will present your evidence to the arbitrator, who reviews that evidence and issues an “arbitration award” which is both final and binding. Whilst the costs involved in arbitration are a factor, they are likely to be less than the costs of attending a final hearing at court.
There are many different ways to resolve issues, and an initial discussion with one of the solicitors at Lake Legal will help you to work out what is likely to work best for you, taking into account your particular circumstances, including the nature of your relationship with your partner/spouse and any other relevant issues. If you would like to discuss your options please contact us on 0113 357 1270 or send us an email to enquiries@lakelegal.co.uk.
