Institute of Family Law Arbitrators
What does it do?
It enables couples, in a financial dispute following separation, to achieve a settlement without the need to go to Court but with the certainty that once they sign up to Arbitration the Arbitrator's decision is final...
What are the advantages?
It is more flexible. It can even be conducted via written statements. It can cover only one issue if necessary and can take place instead of or even during litigation.
You can choose your Arbitrator - so far only 20 are available on the website but another 20 are qualified and there is a queue for training.
It is private and confidential. A very important consideration for the super wealthy who do not want their private lives examined in detail in the Daily Mail et al for the sake of "public interest"...
You still need a lawyer each to advise you but it aims to be cheaper and less stressful than Court Proceedings and has the certainty that Mediation and Collaborative Law lack.
What does the Institute of Family Arbitrators say?:
" IFLA developed the arbitration scheme to enable parties to resolve financial disputes more quickly, cheaply and in a more flexible and less formal setting than a court room. It is also expected to save court resources and reduce pressure on the already stretched family courts."
Who will use the scheme?
I have yet to meet a separating couple who are concerned about the Courts' resources but the scheme should appeal to wealthy, separating couples who are used to being in control of their lives and seek a private settlement to their dispute.