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.”
From what I have read, a personal loan charges less interest than using a credit card to fund your divorce. Your credit history will come into play in getting the loan. Check out this site on Other Ways to Finance Your Divorce. It sounds like there is a possibility that you can get an attorney payment plan and a court order to have your spouse cover expenses. You could borrow from family or friends or opt for an uncontested divorce. I wish I had known about the court order to get you, your spouse, to pay because the divorce was his idea, not mine.
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
In my opinion, divorce is horrible. Yes, I know there are good reasons for divorce, such as abuse, adultery, and probably ones I have not considered. In my case, my Ex said he was unhappy, so we started our painful divorce journey.
I don’t know the best option for your divorce journey, but some of the above information may point you in the right direction.
God Bless You on this Journey!