Arbitration is a process which allows parties to a property and/or financial dispute to agree to present arguments and evidence to a dispute resolution practitioner (the arbitrator) who makes a determination, instead of having the dispute determined by the Court. The whole process is private and, subject to the parties’ consent, can be confidential, as compared to if the matter were determined before the Courts in a public forum.
The decision of the Arbitrator is generally final, can be registered with the Family Court and is enforceable.
Arbitration can cut years off the determination of a dispute with the usual timeframe being no more than six months from the time the arbitrator is appointed, until the arbitrator delivers a decision.
Parties determining their property and/or financial dispute through arbitration can have greater control over how the final hearing will proceed. For example, parties can agree to a more informal hearing, they can control what time and where the hearing will proceed and they ultimately, get to choose their arbitrator after considering and being satisfied that the arbitrator has a background that aligns with the issues to be determined at the final hearing.
Arbitration can save time, money and stress and can be a suitable option to assist parties to a property and/or financial dispute resolve matters expeditiously, so that former spouses may each be able to move on with their respective lives.