More Wealthy Couples Are Turning to Arbitration to Settle Divorce Disputes: Here’s Why…
Monday, December, 24, 2012
Divorce arbitration has a lot of benefits for wealthy couples, not the least of which is confidentiality. Taking your “dirty laundry” to be aired publically before divorce courts is not something that many couples are willing to do. When divorce is the only option to deal with marital conflict, many couples are pleased to know that there are less costly and more private ways of handling it.
Arbitration, as a form of Alternative Dispute Resolution (ADR), is a method that is often used in both civil and commercial disputes to handle conflict and reach a resolution without taking the dispute through litigation and the courts. Since divorce among wealthy couples is often more of a financial transaction than anything else, these couples are finding that arbitration is the better method of conducting their settlement without the public embarrassment of divorce court.
In divorce arbitration, a neutral, third-party arbitrator, who is an expert in divorce law, hears both sides of the dispute and determines the best way to settle the affairs of the couple wishing to end their marriage and go their separate ways. This often includes determining who will live in the couple’s home(s), child custody, division of retirement accounts and determining “who gets what” in matters of personal property and estate.
Another important benefit of divorce arbitration over divorce litigation is that the arbitration process can be tailored to meet the needs of the couple—something that will not be done in the court system. Additionally, in the court system, there is generally a backlog of cases, requiring extensive waiting periods before the divorce can be settled.