Reaching an agreement on how you will divide up your property, other assets and your debts after your relationship is over is an important and often difficult task for couples who are separating.

Going to court to get a court order can cost tens of thousands of dollars and take months, even years,  if you get caught up in litigation.

Mediation will help you negotiate a mutually acceptable financial settlement agreement.

The mediator will help you:

• work out what you’ve got and what you owe, that is your assets and debts and what they are worth
• consider the direct financial contributions by each party to the marriage or de facto relationship such as wage and salary earnings
• look at indirect financial contributions by each party such as gifts and inheritances from families
• look at the non-financial contributions to the marriage or de facto relationship such as caring for children and homemaking, and
• future requirements – help you take into account things like age, health, financial resources, care of children and ability to earn.

The way your assets and debts will be shared between you will depend on the individual circumstances of your family. This is individual to each couple and your settlement will probably be different from others you may have heard about.

We encourage you to consult with the mediator before or as soon as you separate as the practitioner will be able to help you work at interim arrangements for payment of mortgages and child support and help you map out the path forward.

We recommend that you seek legal and, when necessary, financial advice before agreeing on the terms of any financial settlement before applying for consent orders or binding financial agreement.