Do you think that these are the best solutions for your problem?

Options Available To You For Divorce Financing

By Barbara Brown


It generally does not cost a lot of money to obtain a marriage license from the county and state. You may be able to exchange marriage vows for very little cash out of pocket. As inexpensive as it is to get married, it tends to be costlier when you want to end your union. Hiring a lawyer or going to court could cost thousands of dollars. Even if your case is simple and straightforward, you still may need to know your options for divorce financing.

Your first option could be to put everything on a credit card. If you have a card with enough line of credit available, you could ask the lawyer to charge his or her costs to your account. You could then make payments bit by bit until the expenses are paid in full. Alternatively, if you are asking the court for your legal fees to be covered by your soon-to-be ex-spouse, you can include your card charges in that settlement request.

You could also apply for a bank loan to get divorced from your spouse. Getting a bank loan requires that you have relatively good credit, however. People who do not have high enough credit scores might be turned down for such loans. They may have to consider other options.

You then may consider what kinds of assets you have at your disposal. Do you have a car that has a clear title, for example? If so, you may think about selling it to raise cash to hire an attorney and file the case. You may get a couple hundred or even a couple thousand dollars out of selling a valuable asset like a car.

Similarly, you might take out a line of equity that is based on the value in your house. Many banks will give home equity loans even if the owners do not have the best of credit ratings. The loan is secured the equity in the house. If you default, the lender could recoup the loss by foreclosing on the house. This type of lien typically is paid out quickly, letting you move forward with your marital dissolution promptly.

People who rent their homes and have no valuable assets are not stuck when it comes to getting financed. If you are in this situation, you may consider asking the law firm to let you make payments on what you owe. You can pay the lawyer little by little each month until the costs are settled.

When the IRS issues your refund, it will mail it to your attorney instead direct depositing it in your bank account. Your lawyer would then give you the remainder of the refund after your expenses are settled with the firm. This strategy might work best for low-income clients or people who cannot save up or get the funds they need to file.

A marriage license may be cheap; however, a divorce can be costly and difficult to pay for upfront. Your best chances of finding financing may involve considering these tips. They could give you the money you need now and let you proceed with the case to end your marriage.




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