Family Arbitration and Private Financial Dispute Resolution (FDR) are alternative dispute resolution methods that offer a private and flexible approach to settling family law disputes.
Private FDR (Financial Dispute Resolution)
A Private FDR is a judge-led settlement hearing, similar to the court-based FDR but conducted privately. This approach allows both parties to work towards a financial settlement after exchanging financial disclosure and obtaining necessary valuations.
Key Benefits of a Private FDR:
- Choice of Judge: You can choose a financial remedy specialist as your judge, providing greater confidence in the guidance given.
- Speed and Flexibility: Private FDRs are typically faster and more flexible than court proceedings, with the ability to schedule hearings sooner and allocate more time for thorough discussions.
- Confidentiality: Held in private settings, such as legal offices, Private FDRs offer enhanced privacy and comfort, avoiding the public nature of court hearings.
- Higher Success Rate: With the focused attention and expertise provided, Private FDRs have greater potential to lead to successful settlements, helping you avoid prolonged litigation.
Arbitration
Arbitration is another alternative where a chosen arbitrator (effectively a judge) makes a binding decision on your dispute, acting as a substitute for a court hearing. This process is commonly used for final decisions in both financial and child-related disputes.
Key Benefits of Arbitration:
- Customisable Process: You can tailor the process, deciding which issues to arbitrate and how the arbitration is conducted.
- Privacy and Control: Like Private FDRs, arbitration offers privacy, flexibility, and control over the timing and location of the hearings.
- Binding Decisions: The arbitrator’s decision is binding, providing a clear resolution without the need for further court involvement.
Considerations:
- Cost: Both Private FDR and Arbitration involve paying for the judge or arbitrator, but this cost is often offset by the time and stress saved.
- Voluntary Process: Arbitration is voluntary, meaning both parties must agree to participate.
These options provide efficient and effective alternatives to traditional court proceedings, offering a more personalised and private path to resolving your family law disputes.