Tax warning for separating spouses
Family arbitration is another way of reaching an agreement without using the traditional court process.
The parties agree to appoint an arbitrator who, like a judge, will hear the evidence and ensure that financial disclosure has taken place. The parties, through their lawyers, will provide financial disclosure and set out the case which the arbitrator will then consider, as well as the evidence from the parties before giving a ruling, known as an “award”. The choice to arbitrate must be one you both agree as once the process has started one of you cannot back out without the other’s agreement, and you agree at the outset to accept the award.
Arbitration is an alternative to court and asking a judge to make a decision. The advantages are speed, flexibility, confidentiality and the ability to choose an arbitrator best suited to deal with the specific circumstances of your case. Although you will need to pay for the arbitrator’s services, arbitration is more cost-effective than court proceedings.
We are happy to advise on the arbitration process and whether or not we believe it will work for you.
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