Did you know that there is an alternate to litigation to resolve your property settlement matters? If you cannot resolve them by way of mediation, then the opportunity is available for you to resolve your dispute by arbitration.
Arbitration is an agreement between the parties to engage in dispute resolution but agree to be bound by the decision of the arbitrator appointed. It is different from mediation because in the mediation environment you are not obligated to accept the advice of the mediator nor obligated to be bound by any guidance they give you.
The difference between mediation and arbitration is the agreement to be bound by the decision of the arbitrator. The arbitrator publishes what is known as an award and an award is very similar to a judgment of a court which puts in place the division of your assets.
Once the arbitrator publishes their award, you can take steps to register that award with the court such that they become court orders. The benefit of arbitration is primarily the speed at which your dispute will be resolved. Arbitrations managed by the National Arbitration List in Division One of the Federal Circuit and Family Court of Australia that requires parties to finalize their arbitration by publishing of an arbitrary award within four months of referral to the National Arbitration List.
An arbitration, whilst comes at more cost than mediation in a traditional sense, you are electing your arbitrator so you’re involved in the selection of your decision-maker and the speed at which your dispute will be resolved is an ultimate saving for you in your legal costs. If you are considering arbitration as an alternative to dispute resolution in your property settlement, contact us here at OMB Solicitors and we can provide you with assistance in relation to arranging and participating in an arbitration.