In recent years, arbitration has gained popularity as a quicker, more private alternative to traditional court proceedings for family disputes. While it offers numerous benefits, it's important to weigh both its advantages and potential drawbacks before making a decision.
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.
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.
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.
To book an appointment or to discuss further please contact Charles Tennant on 01732 747956 [email protected]
This article is for general information only and does not constitute legal or professional advice. Please note the law may have changed since this article was published. We do not accept responsibility or liability for any actions taken based on the information in this article.
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