A form of alternative dispute resolution in which the parties agree to have their dispute decided by an independent arbitrator rather than by the court. In family financial cases, arbitration is often run under the scheme of the Institute of Family Law Arbitrators (IFLA). The parties sign an arbitration agreement (Form ARB1FS), and the arbitrator's decision (the 'award') can be made into a court order to give it legal effect. The court can stay its own proceedings to allow arbitration to take place.
In Plain English
A private process where you and your ex-partner hire an expert to decide how to settle your money or children disputes instead of going to a public court.
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