Latest news with #mediation
SBS Australia
13 hours ago
- Business
- SBS Australia
Kate says her cancer led to divorce. The aftermath of it was even more surprising
Kate navigated a divorce mediation soon after going through treatments for breast cancer. Source: Supplied Dealing with family can be tough enough. Throw money into the mix and it can be a recipe for disaster. Insight explores just how best to navigate separation, divorce, inheritance and succession — asking who gets the cash and is conflict inevitable? Watch Dividing Family Assets Tuesday 3 June 8.30PM on SBS or live on SBS On Demand . "It put a lot of stress on our family," Kate told Insight. "We also had quite young children, and it really was a very difficult time". Kate moved out of the home – initially for six months to recuperate after surgeries and cancer treatments – but the family never lived together again. When they first got together, she and her husband talked about their assets with one another. She says although they had separate bank accounts, they tended to share most of their incomes. "We both had a similar approach to money, similar attitudes," Kate says, "... it was always very equitable and fair". However, when it came to dividing their assets in the divorce, they struggled to reach a solid agreement on their own. The pair hired lawyers for mediation, and they ended up splitting their assets roughly down the middle. Although her health was considered , according to family law statutes, "it wasn't probably as prominent an element as [she] had expected". Kate says she felt that her ongoing medical costs were accepted but weren't really accounted for. "The main thing that felt unfair to me [in the mediation] was my ongoing health situation," she says. "[I was] very unlikely to come out of breast cancer treatment, and not have chronic, ongoing health concerns". The process of dividing assets was a smoother process for high school sweethearts Katherine and Damian Lance. The pair were best friends, but Katherine's ongoing mental health issues took a toll on their relationship. "I had been exhibiting depressive and manic episodes for a long time," Katherine told Insight. "Living with someone who has mental illness can be really taxing on a marriage." Katherine was diagnosed with bipolar disorder when she was 35. "By the time we were in our late 40s ... we had decided that it was probably best for our friendship and for our family unit that we would separate." Katherine and Damian ended their marriage amicably. They split their assets evenly, without mediation or any time in court. "We both came into our relationship as 17-year-olds," Damian says. "We started with nothing together, so it was easy to figure out who owned what. "We were partners ... what little we had when we were younger, was both of ours." According to a 2023 Australian Bureau of Statistics report, 50,000 Australians get divorced each year. While neither the Lances nor Kate and her ex-husband went to court over their assets, lawyer Maggie Orman says the courts consider many factors when trying to reach a fair settlement for couples that do. "There's no hard and fast rule of the 50:50 at all," Orman, who specialises in family law and estate planning, says. "The court take into account initial contributions of both of the parties and what they've brought in." "They look at the contributions during the marriage or the relationship. They also look at the contributions since separation." Factors such as contributions, custody of children, age, health, earning potential, income earning differential and potential inheritances are also all part of dividing a couple's assets. "But in the end, the court are wanting a settlement to be fair, just and equitable," Orman says. For couples wanting to protect their assets in the event of separation, many couples use a binding financial agreement (BFA). Orman notes that BFAs are becoming more common for Australians who are wanting to protect their assets — especially people who are remarrying or have substantial wealth. "Having a BFA is a great tool to have if your relationship breaks down, and you're going to separate or divorce," Orman says, "because it gives a clear indication of what the assets, liabilities and superannuation were at the beginning of the relationship". "It gives a clear intention of what the separation [is] going to be at the [hypothetical] end of the relationship." Others, such as financial adviser Stephen and his wife Bronwyn, are safeguarding their assets by another way: a testamentary trust in their wills. "If either one of us, or both of us were to die, our assets would move into that trust," Andrew says, " ...a surviving spouse would be a trustee of that trust, and a sibling of the deceased would become co-trustee". If both Andrew and Bronwyn died, their children would then become co-trustees at ages 25 and 28. "The whole idea is that these assets, then, are protected for our bloodline." "Our mindset was, we wanted to make sure our legacy of what we've created together is protected for our children," Andrew adds. "I think that's where the difference is with the testamentary trust: I still have control from the grave," Bronwyn says. "And I can stipulate who I want it to go to explicitly." Damian attributes his and Katherine's successful breakup and division of assets to communication and trust. Ten years after their divorce, the exes are still friends. "I don't think we'd ever want to do anything wrong by each other," he says. "I think it's just basically sitting down and talking it through and working out what was the right thing to do ... to make each other's lives easier." The division of assets is something that still plays on Kate's mind. She still has ongoing medical expenses, despite being in remission for five years. She requires regular physiotherapy for her lymphedema (swelling in the soft tissue caused by a build-up in the lymphatic system) and will continue to need specialist appointments and very expensive scans. "That fear of [cancer] coming back is very confronting – particularly when you're single," Kate says. "It has the potential to really derail someone financially." Share this with family and friends
Associated Press
a day ago
- Business
- Associated Press
Hong Kong-headquartered International Mediation Body Established
HONG KONG SAR - Media OutReach Newswire - 31 May 2025 - International mediation marked a significant milestone yesterday (May 30) with the establishment of the International Organization for Mediation (IOMed). The IOMed, with its headquarters in Hong Kong, is the world's first inter-governmental international legal organisation devoted to the use of mediation in resolving international disputes. More than 80 countries and about 20 international organisations, including the United Nations, sent senior representatives to Hong Kong to witness the Signing Ceremony of the Convention on the Establishment of the International Organization for Mediation. Member of the Political Bureau of the Communist Party of China Central Committee and Minister of Foreign Affairs of the People's Republic of China, Wang Yi, attended the Signing Ceremony and was the first to sign the Convention on behalf of China. Altogether, 33 countries signed the Convention on-site, making them the founding members of the IOMed. Addressing the ceremony, Mr Wang said that as an innovative step in international rule of law, the IOMed has great significance in the history of international relations. The IOMed will be headquartered in Hong Kong, whose handover is itself a success story of peaceful settlement of international disputes. He added that the success of the 'one country, two systems' principle has created brighter prospects for prosperity and stability in Hong Kong. Member of the Political Bureau of the Communist Party of China Central Committee and Minister of Foreign Affairs of the People's Republic of China, Wang Yi, speaks at the Signing Ceremony of the Convention on the Establishment of the International Organization for Mediation and is the first to sign the Convention on behalf of China. Chief Executive of the Hong Kong Special Administrative Region (HKSAR), John Lee, thanked the Central Government for its staunch support of Hong Kong, and the international community for placing their trust and confidence in the city. 'The IOMed will provide a pathway for countries – regardless of culture, language and legal system – to resolve international disputes based on mutual respect and understanding,' Mr Lee said. 'This is increasingly important amid mounting geopolitical tensions.' Mr Lee underscored that the IOMed reflected a shared confidence in mediation as a peaceful means to maintain international peace and security, as stipulated in the Charter of the United Nations. HKSAR's Chief Executive John Lee speaks at the signing ceremony. The Chief Executive also set out Hong Kong's advantages as an effective 'super connector' and 'super value-adder' and said the city would actively promote the IOMed's valuable work in settling international disputes through mediation. 'Despite geopolitical turbulence, Hong Kong builds bridges, not walls,' Mr Lee said. 'Under our unique 'one country, two systems' principle, Hong Kong is the only world city that enjoys both the China advantage and the global advantage. 'We are the only common law jurisdiction in China, and the only jurisdiction in the world with a bilingual common law system in both Chinese and English. We have a long tradition of the rule of law, and our courts exercise their judicial power independently.' With a robust, efficient and well-respected legal system as well as world-class legal and dispute resolution services professionals, Hong Kong is also the most preferred seat for arbitration in the Asia-Pacific region. The IOMed headquarters will be located at the site of the former Wan Chai Police Station, once renovation of the Grade 2 historic building is completed. 'I'm happy to say that it could open its doors as early as the end of this year,' said Mr Lee. 'We look forward not only to welcoming its new occupants, but also to supporting them in building new bridges for a more connected, peaceful and prosperous future through mediation.' Representatives from over 30 countries, including China and countries from Asia, Africa, Latin America and Europe, jointly signed the Convention on the Establishment of the International Organization for Mediation in Hong Kong on May 30. In the afternoon, the Global Forum on International Mediation discussed topics such as mediation of disputes among countries and mediation of international investment and commercial disputes and the contributions that the IOMed can make. Hashtag: #hongkong #brandhongkong #asiasworldcity #mediation The issuer is solely responsible for the content of this announcement.
South China Morning Post
a day ago
- Business
- South China Morning Post
‘Credible' new global mediation body will draw investors to Hong Kong: Paul Chan
The new International Organisation for Mediation launched in Hong Kong will be an efficient, fair and credible mechanism for dispute resolution and attract investors from the Global South as the economy shifts towards these developing countries, the city's finance minister has said. Advertisement Secretary for Finance Paul Chan Mo-po said on Sunday the inauguration of the China-led body on Friday established Hong Kong's role as the global legal and mediation centre for the Asia-Pacific region. 'An efficient, fair, just, and credible dispute resolution mechanism is one of the important pillars for promoting more international investment and trade, and helps to enhance investor confidence,' Chan wrote in his weekly blog. 'As China's only common law jurisdiction, Hong Kong has excellent rule of law, comprehensive legal and dispute resolution services, coupled with a trilingual environment and tolerance for different cultures, making it the most ideal location for the International Organisation of Mediation.' Chan also said that the establishment of the legal body would enhance the competitiveness of Hong Kong's international financial, trade and shipping industries, and promote good ties with the Global South, referring to countries in Africa, Latin America and Southeast Asia. Advertisement Chan noted that the global economy was 'shifting eastward', and developing countries in Asia, including China, which made up one-quarter of the world's gross domestic product, wanted more say on global governance. 'In recent years, more Asian and African countries have also stated their desire to adopt mediation as an alternative to arbitration for resolving disputes,' said Chan, noting that mediation was more 'flexible, economical and efficient' than arbitration.
The Standard
2 days ago
- Business
- The Standard
HK cements role as mediation capital with IOMed launch
Representatives from over 30 countries, including China and countries from Asia, Africa, Latin America and Europe, jointly signed the Convention on the Establishment of the International Organization for Mediation in Hong Kong on May 30.
Yahoo
2 days ago
- Business
- Yahoo
Hong Kong-headquartered International Mediation Body Established
Hong Kong SAR--(Newsfile Corp. - May 31, 2025) - International mediation marked a significant milestone yesterday (May 30) with the establishment of the International Organization for Mediation (IOMed). The IOMed, with its headquarters in Hong Kong, is the world's first inter-governmental international legal organisation devoted to the use of mediation in resolving international disputes. More than 80 countries and about 20 international organisations, including the United Nations, sent senior representatives to Hong Kong to witness the Signing Ceremony of the Convention on the Establishment of the International Organization for Mediation. Member of the Political Bureau of the Communist Party of China Central Committee and Minister of Foreign Affairs of the People's Republic of China, Wang Yi, attended the Signing Ceremony and was the first to sign the Convention on behalf of China. Altogether, 33 countries signed the Convention on-site, making them the founding members of the IOMed. Addressing the ceremony, Mr Wang said that as an innovative step in international rule of law, the IOMed has great significance in the history of international relations. The IOMed will be headquartered in Hong Kong, whose handover is itself a success story of peaceful settlement of international disputes. He added that the success of the "one country, two systems" principle has created brighter prospects for prosperity and stability in Hong Kong. Member of the Political Bureau of the Communist Party of China Central Committee and Minister of Foreign Affairs of the People's Republic of China, Wang Yi, speaks at the Signing Ceremony of the Convention on the Establishment of the International Organization for Mediation and is the first to sign the Convention on behalf of China. To view an enhanced version of this graphic, please visit: Chief Executive of the Hong Kong Special Administrative Region (HKSAR), John Lee, thanked the Central Government for its staunch support of Hong Kong, and the international community for placing their trust and confidence in the city. "The IOMed will provide a pathway for countries - regardless of culture, language and legal system - to resolve international disputes based on mutual respect and understanding," Mr Lee said. "This is increasingly important amid mounting geopolitical tensions." Mr Lee underscored that the IOMed reflected a shared confidence in mediation as a peaceful means to maintain international peace and security, as stipulated in the Charter of the United Nations. HKSAR's Chief Executive John Lee speaks at the signing ceremony. To view an enhanced version of this graphic, please visit: The Chief Executive also set out Hong Kong's advantages as an effective "super connector" and "super value-adder" and said the city would actively promote the IOMed's valuable work in settling international disputes through mediation. "Despite geopolitical turbulence, Hong Kong builds bridges, not walls," Mr Lee said. "Under our unique "one country, two systems" principle, Hong Kong is the only world city that enjoys both the China advantage and the global advantage. "We are the only common law jurisdiction in China, and the only jurisdiction in the world with a bilingual common law system in both Chinese and English. We have a long tradition of the rule of law, and our courts exercise their judicial power independently." With a robust, efficient and well-respected legal system as well as world-class legal and dispute resolution services professionals, Hong Kong is also the most preferred seat for arbitration in the Asia-Pacific region. The IOMed headquarters will be located at the site of the former Wan Chai Police Station, once renovation of the Grade 2 historic building is completed. "I'm happy to say that it could open its doors as early as the end of this year," said Mr Lee. "We look forward not only to welcoming its new occupants, but also to supporting them in building new bridges for a more connected, peaceful and prosperous future through mediation." Representatives from over 30 countries, including China and countries from Asia, Africa, Latin America and Europe, jointly signed the Convention on the Establishment of the International Organization for Mediation in Hong Kong on May 30. To view an enhanced version of this graphic, please visit: In the afternoon, the Global Forum on International Mediation discussed topics such as mediation of disputes among countries and mediation of international investment and commercial disputes and the contributions that the IOMed can make. Hashtag: #hongkong #brandhongkong #asiasworldcity #mediation The issuer is solely responsible for the content of this announcement. Ms Linna KuInformation Services DepartmentHong Kong SAR Governmentlinnaku@ To view the source version of this press release, please visit Sign in to access your portfolio
