Arbitration is a tool to promote easier divorce, division of property and custody negotiations and hoped-for resolution. In arbitration, you and your family attorney will negotiate what you believe to be appropriate terms for you and your children. Arbitration allows you to discuss issues at length with your attorney without the need for going to court and the ensuing legal fight. Arbitration may be ordered by a judge if it looks like negotiations will be a long, drawn-out process, or it can be voluntarily pursued by both parties involved in the dispute. Houston arbitration cases are best managed by family law attorneys who specialize in family law.
Binding arbitration is settled without going to court, and it does hold up in a court of law. Binding arbitration is performed by family attorneys and, once a settlement is agreed upon, both parties sign documents that make the arbitration agreement binding. Binding arbitration may be considered for renegotiation if necessary after a period of time. Binding arbitration may be in effect for a short amount of time or a number of years.
In non-binding arbitration, parties work toward an amicable solution which will be assessed by a judge to make the final decisions. Non-binding arbitration, in some cases, is very similar to mediation in that there are a series of meetings to help determine whether what the other party is willing to negotiate.
Arbitration for financial issues
Arbitration is most commonly used to settle financial issues, whether in the context of divorce or business. Arbitration is typically easier and more cost-effective than repeated trips to court with no satisfactory resolution. It is also faster to go into arbitration for a business battle than making repeated appearances for court dates that are set at times without regard for your schedule. Arbitration works around the schedules of both parties. Arbitration awards are typically non-public, which is ideal for large companies who wish to avoid potentially negative publicity.
Binding arbitration for a business deal
Almost all business deals include binding arbitration that is permanent. Once a company makes a deal and settles with a plaintiff, there is usually a non-disclosure agreement signed by both parties to prevent the plaintiff from going public with the amount of money they were awarded. This is common practice in cases when the plaintiff is seeking a sum of money because the business was in the wrong and consequently would prefer that the case not go before a judge.