Arbitration is a method of dispute resolution which is available for parties to elect as an alternative to Court proceedings in relation to financial disputes arising from a divorce.
Both parties will jointly appoint an arbitrator who will make a decision in relation to the financial dispute. An arbitrator is independent and will take on the role of a Judge and their decision is therefore binding. Any decision reached is confidential and parties have full control of the process, such as deciding the venue, the date and the issues that the arbitrator is to decide on.
Whilst arbitration may be flexible, it can be quite costly. However, clients should bear in mind that the costs of proceeding to final hearing at Court in these matters can be significantly higher than the cost of arbitration. Additionally, successful arbitration can guarantee a quicker decision and conclusion of a dispute. Currently, Courts are extremely busy, and hearings are listed many months after an application is made.
If you would like to discuss this further, please contact Lynn Gooch on 020 8502 3991 for more information.