If you decide that arbitration is the most appropriate route to pursue, then this involves both parties instructing an independent trained arbitrator to adjudicate in the dispute and determine how the assets should be divided. An Arbitrator is similar to a Judge in that they will make a decision after hearing evidence from all the main parties concerned. An arbitration agreement will then be drawn up and signed by the parties, which then becomes legally binding.
Arbitration is an alternative to court and asking a judge to make a decision for you. The advantages are speed, flexibility, confidentiality and the ability to choose an arbiter that is best suited to deal with the specific circumstances of your case (you obtain various Arbitrator’s CV and select your own). Arbitration is often more cost effective than court proceedings because notwithstanding you have to pay for an Arbitrator (and of course you do not pay for a Judge), the process is so much quicker and more focused on your particular circumstances that the costs are usually much less in the long run.
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