  The axial form factor of the nucleon is studied in a two-component model
consisting of a three-quark intrinsic structure surrounded by a meson cloud.
The experimental data in the space-like region are well reproduced with a
minimal number of parameters. The results are similar to those obtained from a
dipole fit up to 1 GeV$^2$, but they surprisingly show a zero between 2 and 3
GeV$^2$. Such behavior, predicted by the present model completely disagrees
with the dipole parametrization. The theoretical expression for the form factor
is then analytically extrapolated to the time-like region, giving the first
predictions in this regime. This kinematical region is especially interesting
for present and future colliders.
