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TODD K. MOHINK, PA Glen Burnie & Columbia Family & Criminal Lawyer

Should You Get a Divorce Loan?

DivMoney

COVID-19 has been blamed for pretty much everything bad that has happened in 2020, from business closures to layoffs to illness to deaths to divorce. This can be a financially challenging time to get a divorce, as finances are strained for many people right now.

With a divorce costing, on average, tens of thousands of dollars, how do you go about paying for one? With a divorce loan, of course. 2020 has been a unique year, and as such, people are finding unique ways to fund their divorce. A divorce loan is one of them. In fact, in 2020, there has been a 62% increase in the number of people searching for divorce loans. 

We all know that 2020 has been a stressful year. The pandemic has taken its toll, affecting everyone in some way or another. It has caused immense amounts of stress for many married couples, forcing many to consider divorce.

While many couples have assets, they are often real estate or businesses, which cannot be easily converted into cash to pay a divorce lawyer. This is why many people are seeking loans.

A divorce loan is like any other type of personal loan. It comes with its own rate and terms. A good rate would be around 4%. You would then pay back the loan once you receive a divorce settlement.

Many people use these loans to pay for not only lawyer fees, but the other costs of splitting, such as living expenses. There are companies that specialize in divorce lending and they will analyze your case and lend you money based on how much money you can expect to receive when your divorce finalizes.

Divorce loans are targeted to women, who are often the ones who cannot support themselves after their marriage ends. Many stay in bad marriages due to a lack of money. But with a divorce loan, they can escape and become free. A divorce loan can also help you file your divorce without your spouse knowing. You may not be able to take money out of a joint account, but with loan proceeds, you can start a new account and pay for expenses associated with the divorce.

Not everyone is a good candidate for a divorce loan, though. You will need a solid plan to repay the loan. This means getting a job and thinking about your financial picture. You may even need to take on a second job or sell assets.

Contact a Maryland Family Law Attorney Today

Divorces aren’t cheap, which is why many people delay getting one. A divorce loan, however, can offer an option you may have never known existed. You can move on with your life despite a lack of funds.

The Columbia divorce lawyers at the Law Offices of Todd K. Mohink, P.A. can help you with finances and assist you in understanding all the resources and options available to you. Schedule a consultation today by calling (410) 774-5987 or filling out the online form. We have two offices to serve you.

Resource:

realsimple.com/work-life/money/millie/the-secret-way-people-are-now-paying-for-their-divorces

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