What are Ways to Fund My Divorce? Do You Need a Divorce Loan?
As I was doing some reading on divorce the other day I came across the question, "Should I get a divorce loan?" I had never thought about getting a loan to help you through the massive expenses of a divorce, but I can see how much one would be needed.
When my husband left me the only money I had to my name was an inheritance I had received from my parents. What was left after my ex moved thousands to his personal account, which I did not even know he had, I used for the divorce process. (As soon as you become aware of your spouse's intention to leave, get a handle on your money.)
If not for my inheritance, I would have needed a divorce loan. Without money to pay for attorneys and everything that goes along with the legal process, I would have ended up with nothing and possibly homeless.
Before I hired my attorney, I interviewed three lawyers. The first was $200/hr, and she was really nice but said she could not help me. The second was $400/hour; she was a Divorce Attorney, and she said she could help me. The third probably could have helped me, but he was $700/hr, which I knew was out of my price range. I went with the second attorney.
First, let's answer the question, "what is a divorce loan?" I found this definition on a site called SoFiLearn
"A divorce loan is essentially a personal loan that you take out to finance your divorce. If you have a good financial history and a good job, you’ll be might be eligible to qualify for a much lower interest rate on a personal loan than a credit card would offer.
A personal loan can pay for divorce attorney’s fees or allow you to pay the movers. It can help you pay off existing joint debt, and even be put towards a new budget."
If you can't get a loan, there is an option for Legal Aid, some charitable organizations may help, and Pro Bono Programs, Student Lawyers, Courthouse Facilitators, and Low-Cost Legal Assistance are options if you can find them. Here is a website with more info related to this topic. Five Divorce Loans for Bad Credit
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