Mortgage Broker Won't Accept Arbitration Award as Final

Many professionals are new to understanding the difference between a divorce or marriage settlement agreements and an Arbitration Award.

Arbitration Awards are legally binding documents that can not be overturned by a court of law.

Wevorce facilitator's have helped many real estate professionals become Experts-in-Action as they learn how to recognize and use Arbitration Awards to lock mortgage rates, complete refinances or sale or purchases of homes during a divorce.

Family Law arbitration is a process in which a husband and wife, or ex-husband and ex-wife, agree to submit one or more issues arising out of their present or prior relations as spouses and/or their relations as parents of the same child or children, to a neutral third party or parties for a resolution that will be final and binding on them. It can occur at any stage of their dispute: before they are divorced; at or about the time

they are divorced; or subsequent to their divorce. Once both parties agree to submit the dispute to arbitration, after a hearing the arbitrator makes a final and binding decision on the controverted matters.

The arbitrator can conduct the hearing in a confidential, private setting and at a time and place convenient to all parties. The arbitration is generally conducted informally and with relaxed rules of evidence. The arbitrator renders a decision called an “arbitration decision” or “award,” which is submitted to the court for confirmation. The parties and attorneys may agree that the arbitration award is final and binding, subject to very limited judicial review by the trial court, and with the limited rights of appeal provided in the arbitration statute in their particular state. The parties and attorneys may also agree to expand the limited

rights of trial court review and appeal to an appellate court. Generally, however, arbitration hearings result in final and binding determinations which stand in place of a trial at the lower court level, with very limited rights of review and appeal.

Wevorce Arbitrations are seated in Boise, Idaho. Seat of an Arbitration is a legal rather than a physical concept. This allows families rom all 50 states to participate in Arbitration in accordance with the Uniform Arbitration Act.