Is it legally binding?

Nothing that is said in mediation is in itself binding.  In financial mediation we will prepare a full set of summaries setting out your financial position and recording the proposals you are thinking of.  You can then take this back to your solicitors and they can draw up a binding agreement for you. 

In children cases, there is really nothing that is binding as arrangements for children have to be subject to revision as circumstances change.  Again, a summary of the arrangements you have come to will be sent to you but it is unlikely this would be converted into an order at this stage unless you already have ongoing court proceedings.