Arbitration has become a popular alternative to traditional court proceedings for resolving family disputes in recent years. This method offers several advantages while also having some potential drawbacks to consider.
Here are five compelling reasons why you should seriously consider arbitration as a resolution method.
Costs of Arbitration
The primary cost unique to arbitration is the arbitrator’s fee, which can range from around £1,000 to £5,000 plus VAT, depending on the complexity of the case and the duration of the hearing. As with court proceedings, you’ll likely need legal representation. Costs for this can vary widely but may be lower than for court proceedings due to the more streamlined nature of arbitration.
Also, If the arbitration is held at a neutral location, there may be costs associated with hiring the venue. However, these costs are often included in the arbitrator’s fee as they may be hosted by the arbitrator, barristers’ chambers or the solicitor’s firms.
Considerations
Arbitration works best when there’s a degree of cooperation between parties, although that is not essential. It’s less appropriate in cases where one party may be hiding assets or where third-party witnesses are crucial.
It’s important to note that while arbitration decisions are binding, there is a limited right of appeal, similar to court judgments. In conclusion, arbitration can be an efficient, cost-effective, and private way to resolve financial disputes in family cases. It’s crucial to consult with a qualified family law solicitor to determine if it’s the best option for your specific circumstances. Warners are experienced at representing in the process and can offer our own in-house arbitrator, Charles Tennant.