How to Finance a Divorce
Divorce is a difficult, stressful and financially draining experience. Financing a divorce can be extremely hard, especially if restrictions are placed on the use of funds saved in joint bank accounts. Since selling property is usually prohibited during a divorce, individuals trying to pay for filing fees, divorce attorneys and other expenses often requires the use of creative measures.
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How to Finance a Divorce
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Talk to family members and trusted friends about your financial situation. Be honest with them about the expected divorces expenses and your basic expenses. Explain to them what you expect your finances to be like once the divorce is finalized and what you can afford to repay. Offer to sign promissory notes and be willing to pay interest. Seeking financing from from friends and family is often one of the best ways to get funds for a divorce quickly.
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Use money in personal bank accounts that are owned solely by you that your spouse has not contributed to. Courts will often allow personal funds to be used to pay for reasonable legal expenses. Document all money that is withdrawn and spent since the court will often require you to verify that the money has been spent solely to finance your divorce.
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Consider applying for a credit card or personal loan in your own name. It is possible to obtain credit during a divorce but if your divorce settlement later includes the repayment of debt this new personal debt cannot be included. If you are attempting to get a loan or line of credit to finance a divorce, try to apply for funds at a financial institute that you have a history with. Apply for credit in person or on the phone and, if you are asked why you are not applying jointly with your spouse, explain your situation.
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If you are unable to obtain funds any other way ,talk to divorce attorneys about having legal fees paid after your divorce is finalized and/or included in a settlement. Depending on your personal situation and the joint assets available, a divorce attorney may be willing to accept payment later or set up an affordable payment plan. In some situations, the divorce attorney might even consider collecting fees directly from your former spouse after the divorce is finalized.
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