This week we have Senior Associate DannielleYoung running through what Arbitration is. Arbitration isn’t a new term,however, it isn’t as recognized as it should be. This may change having regardto the Federal Circuit and Family Court’s emphasis on dispute resolution thathas come about since the court merger on the 1st of September. Arbitration is an alternative to litigation forfinancial matters. It helps families settle their property matters much quickerthan it has historically taken to get these matters heard and determined by aJudge. Cases referred to Arbitration could have their matters finalized in amatter of 3-6 months. An arbitrator is an independent person whohears the matter. They don’t act or advocate for either of the parties. Theyare highly experienced lawyers and usually family lawyers who have completedaccredited training and are named as an accredited Arbitrator. Their role, isto consider the evidence from the parties and decide the property division. Parties can usually have input as to how theArbitration takes place. After the Arbitrator is appointed, they usually sendan agreement to parties that sets the terms of the engagement and costs. Thearbitrator usually schedules a preliminary conference with the parties andduring that process things like, the issues in dispute, the application of therules of evidence that are to apply, whether the parties require an in-personhearing, and other necessary issues for the property management and arbitrationare discussed. Once the matter is heard, the arbitrator mustprovide each party with an award and their reasons for the determination andoutcome. The time frame is usually much quicker than waiting for a judgement tobe delivered by a judge in our Courts. The Award is intended to be final and tosettle all the matters between the parties. The Award can be registered andthereafter enforceable. The main advantage to Arbitration isefficiency. It is likely that the whole Arbitration process can be completed ina 3-6 month period. The arbitrator has to produce their Award in a set timewhich is different from if there was a hearing in the courts. Arbitration isalso very cost-effective, it has personal benefits, more control, andflexibility. To find out more about Arbitration, listen tothe podcast as Dannielle Young gives a full rundown on why Arbitration could bea good option for you. Otherwise, to have a free initial consultationwith one of our lawyers in one of our offices or via Zoom, click here!
