Children and Finance mediation will take longer than a Child Only Mediation or a mediation relating only to Property and Finance because of the greater range of issues that are being considered. Children and Finance mediation normally requires between three and six sessions. Where a Direct Child Consultation is appropriate at least one additional meeting may be required.
WHAT HAPPENS AT THE END OF CHILDREN AND FINANCE MEDIATION?
The outcome of Children and Finance Mediation is the production of 2 important documents:
1) A Memorandum of Understanding (MOU) is a comprehensive summary of the discussions and decisions regarding your property and finances and arrangements for children reached through the mediation process. Importantly, the MOU is not a legally binding document in itself. The proposals reached in mediation, and summarised within the MOU, can be made into a binding agreement by your solicitor following mediation.
2) An Open Financial Statement, or OFS is a detailed summary of all your assets and liabilities. The OFS is the outcome of the disclosure process of gathering all the valuations and financial details and pulls it all together into one concise document setting out your family financial picture.