This week sees the process of arbitration becoming available to deal with divorces in the UK.
35 former judges have qualified to adjudicate on divorce cases behind closed doors, with another 300 former judges expected to train for such a role.
Arbitration is not a cheap divorce option.
Couples will pay around £5,000 a day for the benefit of their own judge who can deliver a legally-binding decision about financial provision for children, property matters or inheritance issues on divorce.
Wealthier individuals who cannot reach an agreement on divorce settlements will welcome this route as an opportunity to keep their confidential affairs out of open court.
Unlike litigation, the process of arbitration cannot be imposed on the divorcing individuals. All parties will need to give their consent before the process can start.
For this reason, and due to the high cost, we believe arbitration will develop as the final resort on divorce before litigation, after more amicable solutions such as collaborative law or mediation.
Both of these options can result in the financial details of a divorce remaining confidential, as a judge essentially ‘signs off’ what is agreed by the divorcing couple at the end of the process.
Request a free meeting with a Financial Planner with no obligation
Error: Contact form not found.
Photo credit: Flickr/DrJohnBullas
