Benefits of private financial dispute resolution hearings
Going through separation or divorce can be incredibly stressful. There is a lot to think about, organise, and discuss before finalising separation proceedings.
A significant part of these discussions will centre around finances, money, and assets, and this is where we find financial disputes arising.
At Gillbanks Family Law, we specialise in all separation, divorce, children, and financial matters, supporting you and your family to achieve the best outcome for your situation (visit our page for further details and information across all of our service areas).
Managing financial disputes, Ipswich
When couples can’t agree on financial matters, they or their legal representatives will have to apply to the courts. This application will then potentially lead to a financial dispute resolution hearing.
A financial dispute resolution hearing is where both parties will provide settlement proposals and a judge will examine all information and case notes, hear submissions from the parties legal representatives on the issues between them and then provide an indication as to what he or she believes the appropriate outcome of the case should be. This could be a precise indication, or they might give a range of possible outcomes or confirm the position on certain issues that are preventing negotiations continuing.
Benefits of private financial dispute resolution hearings
COVID-19 put a lot of strain on the courts and the legal system as people could no longer attend court proceedings in person, and courts shut down. Unfortunately, this meant a staggering increase in casework and a backlog that remains considerable.
In addition, due to the move to remote hearings, it can be difficult to convey emotion, privacy, and in some instances, the severity of the case.
Due to these and other reasons, private financial dispute resolution hearings became a valuable alternative.
A private financial dispute resolution hearing is where separated couples pay for a family law specialist to act as a judge and provide a neutral opinion on the couple’s financial matters.
Both parties will then enter into negotiations and can meet with the judge again if required. The judge can remain on standby providing further assistance until a suitable agreement is reached, or both parties agree to release the judge.
FDR benefits
Now, separated couples can seek out the option of a private FDR, organising such hearings and securing a date and time much quicker than waiting for a court date.
You no longer have to wait for court availability, with the hearings arranged at a time and place that suits you—making these hearings convenient and extremely flexible.
You can choose your own judge for the hearing: a specialist in family law, a senior barrister, or a retired judge.
Specialist solicitors and teams like Gillbanks Family Law are best placed to assist with these and book and arrange these and manage these private hearings.
Another significant benefit is the success rate. Currently, this is considerably higher than the court, with approximately 80% resolved by agreement. The parties agree to private FDR, and therefore it is voluntary not compulsory and both parties have contributed to the cost of the same and are therefore usually more invested in the idea of trying to reach an agreement.
FDRs don’t have to take place in court. Instead, private hearings can take place in a solicitor’s or barrister’s office or hotel conference rooms and other suitable venues, which can often be a much more relaxing yet professional environment compared to court. For some it can be easier to get to these locations than some of the court buildings.
Ultimately, you receive experienced specialists’ attention at a financial dispute hearing, providing bespoke solutions suitable to your circumstances.
Couples who want to compromise and settle quickly will reap FDR benefits.
Encouraging settlements to aid in avoiding a final hearing, private FDRs save time, cost, and stress.
It’s important to be aware that the chosen judge’s fee is paid equally between both parties and can be slightly higher than court fees for private dispute hearings. However, due to how quickly matters can be resolved, private FDRs are more cost-effective in the long run.
It’s also important to be aware that your chosen judge for the private FDR must be a specialist in family law (Ipswich financial disputes’ lawyer can help identify suitable judges). And for all, their judgement is not binding; it is intentional and there to support a final agreement.
If you reach an agreement at the private FDR hearing then heads of agreement will be drawn up by the legal representatives present at the FDR hearing. A proposed financial order by consent will then need to be prepared and filed with the court who will then be asked to approve the same and make the agreement into a final order. This reduces the costs and the length of the court proceedings dramatically.
If you fail to reach a settlement at a private FDR, you can re-enter the court system, apply for a direction hearing and then seek directions and planning towards a final hearing, or you can request family arbitration.
(Family arbitration is another form of private dispute resolution where an arbitrator is appointed to adjudicate a dispute and make an award. An arbitrator’s decision is final.)
A professional financial disputes law firm, Ipswich, Gillbanks Family Law, is on hand to provide you with support and advice in the area of financial dispute resolutions.
As divorce and family law specialists, we can provide you with advice and support when you need it most.
Please fill in our online contact form today to find out more, or call 01473 937 888 or 01206 299 282 to arrange an initial meeting.