Arbitration is an alternative dispute resolution method becoming increasingly popular for couples with large assets. In arbitration, a neutral third-party arbitrator makes a binding decision regarding dividing assets in a divorce. The decision made by the arbitrator is final and binding, and it can be used to resolve disputes related to property division, spousal support, and other issues. Contact a family law attorney in Delaware to know whether arbitration is good for couples with huge assets.
Speed and Efficiency
One of the main benefits of arbitration is speed and efficiency. Traditional divorce proceedings can take several months or even years, while arbitration can be completed in weeks or months. This is because arbitration is less formal than traditional divorce proceedings, allowing the couple to bypass the lengthy court process. Additionally, arbitration is more focused on the specific issues at hand, and the arbitrator can decide based on the facts and evidence presented.
Privacy
Another benefit of arbitration is privacy. Traditional divorce proceedings are public and are conducted in open court, which can be difficult for couples with large assets. On the other hand, arbitration is private, and the proceedings are not made public. This allows couples to maintain privacy and control over their financial and personal information, which can be especially important for couples with large assets.
Cost
Arbitration can also be more cost effective than traditional divorce proceedings. Traditional divorce proceedings can be expensive, especially for couples with large assets who must pay for multiple experts, such as financial advisors, accountants, and real estate appraisers. In arbitration, the couple only pays for the services of the arbitrator and their attorneys, which can significantly reduce the cost of the divorce.
Flexibility
Arbitration is also more flexible than traditional divorce proceedings. In arbitration, the couple has more control over the outcome of their divorce, and they can tailor the proceedings to their specific needs and preferences. For example, the couple can choose to conduct the arbitration in a convenient location, or they can choose to use a neutral third-party arbitrator who has experience in their specific area of dispute.
Expertise
Finally, arbitration can provide access to expertise that may not be available in traditional divorce proceedings. For example, if the couple has large assets, including complex financial investments, they can choose an arbitrator with experience in financial disputes. This can help ensure that the division of assets is fair and equitable.
In conclusion, arbitration can be a good option for couples with large assets, as it offers several benefits over traditional divorce proceedings. These benefits include speed and efficiency, privacy, cost-effectiveness, flexibility, and access to expertise. However, it is essential to remember that arbitration is a binding process, and the decision made by the arbitrator is final. Before choosing arbitration, you must speak with an experienced divorce attorney who can guide you on whether arbitration is the best option for your situation.
