Financial Mediation, MIAM, etc

[Matthewh1973]

Not sure where to start with this. Contemplation period ends on 12th January.

Have come up with a Financial Plan, which my ex is broadly happy with, however she wants Mediation as she is fairly number illiterate and wants to make sure she is getting a fair deal.

21 years of marriage, the plan has equity in 4 properties split equally and pensions also 50/50.

To enact the financial plan requires the sale of 2 properties, 1 of which is currently on the market, and 1 which is not. Due to the slow property market, values in the financial plan have been reduced further than current market value, and a formula is in place to calculate actual figures, based on sale value and moving pension valuations.

Some questions I have:

1. how do we start mediation
2. can we get the financial order in place through the court, before selling property
3. does the financial order have to be enacted completely before we can get the final divorce order

Thanks

Matthew

Hi, I’m divorcing after 20+ years too. However, my ex wasted the cooling off period and we have no plans in place!

it’s easy to start mediation. There isn’t an application form. You just find a mediator and book an appointment.

We have tried it but gave up recently (other half likely using it as yet another delay tactic). Unfortunately, our mediator was not a retired solicitor and seemed to know less about divorce than we did! Ideally we should’ve gone with a solicitor’s / other recommendation but I just picked the one with the earliest appointment.

My understanding is that it’s better to get a professional opinion on your financial plan before mediation. If your plan isn’t fair then it won’t be passed by a judge.

No. 2 I’m no expert but I think you may be able to (we are not selling so don't have this issue).

No. 3 again, not an expert but I think the answer is probably no.

I’ve found a financial advisor that advises in divorce cases. While he doesn’t provide legal advice, I find he knows a lot more than me about the process which is saving me asking a solicitor.

The Advice Now guides are very good and well worth a read. Some are free. I’m currently reading one on pension sharing (we’re splitting a pension so will need a Pension Sharing Order). Also one on getting a Financial Order without a lawyer that was £20 to download and worth every penny - about the cost of a solicitor’s email!

I would echo the advice to get some individual legal advice on the draft deal you have agreed. I say draft because although agreed in good faith it may not reflect legal entitlement on both sides. If either or neither of you have been properly advised it’s really just an outline or draft agreement. The formula is also just a tool to guide both of you on potential cash figures at this stage. It has no legal standing. I wouldn’t push anyone to agree to it when % work just as well.

Any advice either of you get on the need to adjust the agreed deal can be ironed out in mediation. It will make your time more focused. Nothing to add on how to find and book mediators.

Its impossible to say whether you could get the order before a sale. There’s nothing stopping you putting the property in the market and cashing out. It just means you cannot distribute the money.

Who came up with the magical formula ? It sounds like you put a lot of faith in it and she doesn’t. Given the economic climate she is right and it’s nothing to do with being number illiterate. Economic forecasting is an art not a science.