My mediator has just suggested that we look at trying Arbitration as a way of settling our financial issues. Me and the STBX have a very different outlook on what is fair and sensible. Apparently there is a deal on at the moment where it would be done for a fixed cost of £1500 incl VAT!!
We are not high worth - basically we have £120k in equity in the FMH and incomes are fairly equitable. We have three older kids at 18,17 & 15. She is in debt to 29k / me 10k since.
I have just had a quick look and can''t see how it actually works either. Any one done this and how do you feel about the outcome.
It seems like a much better way than going to court on the face of it.
The process is straightforward enough. After both parties agreeing to undertake arbitration they can nominate an arbitrator or have one assigned by the formed Institute of Family Law Arbitrators. Each party then presents the case to the arbitrator, who adjudicates and makes a decision which is supposed to be legally binding.
You may have difficulty finding someone who has been through arbitration. As I understand it the take up hasn''t been great but that might have been to do with the costs putting couples off.