Financial Family Arbitration

Fri 27th Jun 2014
Ian Taylor

What is Arbitration?

Arbitration is a non-court way for separating couples to obtain a final financial settlement. Parties choose the Arbitrator and agree with them how the process will work.

The principles of English law apply, but how the Arbitration is to run can change to meet the needs of each case and the parties.

Benefits of Arbitration

Convenience – the parties and arbitrator set the timetable which can accommodate other matters which are happening rather than having to fit with a ‘Court imposed’ timetable.

It is not necessary to have any hearings but if the parties do wish to meet with the Arbitrator then any suitable venue, date and time can be agreed. Alternatively hearings can be by telephone conference or skype.

Customised – the Arbitrator and the parties decide what issues need to be resolved and what information is needed rather than the requirement for complete disclosure whatever the issues are in Court proceedings.

Confidential – Arbitration is not open to the press or public.

Cost-effective – the parties do not have to instruct lawyers or attend hearings unless they wish to. In straightforward cases the only cost therefore can be the Arbitrators fee.

Where lawyers are involved their fees can be reduced by limiting the issues and documents required and the process can usually be completed more quickly than Court proceedings.

Conclusive – the parties must agree to accept the Arbitration award. A detailed written award is produced by the Arbitrator in clear understandable language which parties can have easily transferred into a final Consent Order in Divorce/Dissolution proceedings if appropriate.

How can Arbitration be Started?

Parties can either contact their own chosen Arbitrator or can ask the Institute of Family Law Arbitrators (IFLA) to appoint an Arbitrator from the panel. An agreement will be produced by IFLA which must be signed by both parties confirming they will be bound by the Arbitration award.

The Arbitrator will then contact the parties to agree fees and how the Arbitration will proceed.

Arbitration can work alongside other methods of resolving disputes such as mediation, Collaberative law or Solicitor negotiation.

For more information visit www.ifla.org.uk or contact Ian Taylor on 01726 73150 or ian.taylor@coodes.co.uk

Fri 27th Jun 2014

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