Although the divorce process can be a very costly affair, you are not necessarily to have the necessary amount of funds to cover expenses. Many ways can solve a difficult financial situation next to no time:
- Financial plans to pay for a lawyer.
- Use of a personal loan online.
- Loans for divorce legal fees.
- Accumulated funds in a joint bank account.
You can also use specific guidelines to reduce the cost of divorce in the early stages of this process. Thus, you will not witness too large amounts necessary to cover the costs of divorce.
How can I cover the costs of divorce proceedings?
Even if you don’t have spare cash, there are several options for how you can find a way out of this mess:
- Financial plans for paying a lawyer
Sometimes lawyers offer their clients the opportunity to take advantage of the payment for their services in parts. These are the so-called financial plans, in which the client has the opportunity to break down the number of payments. In other words, you get something like an interest-free loan and pay for the services of an attorney in installments.
In some cases, you will need to pay an advance payment so that the lawyer can take on your divorce proceedings. With rare exceptions, the advance amount exceeds several thousand dollars.
- How to finance a divorce with funds that have been accumulated in the joint checking account
If you have common assets such as a joint bank account that is open to both spouses, you can also raise these funds to cover the costs of the divorce proceedings. This option is great for those cases when you get the so-called undeniable divorce.
- Discuss with your spouse the opportunity to cover expenses
Even if you did not have a shared account, you could still oblige your spouse to pay all legal costs if the income is much higher than yours.
This is the very first option that should be discussed with your lawyer. In some states, a spouse may be legally required to cover legal costs if one of the spouses has a higher income. However, be careful as far from all states are concerned. Depending on the place of residence, this option may not be available to you.
- Getting a personal divorce loans
A loan for divorce is a tool that allows you to cover all the costs of the divorce proceedings, as well as the fees that you need to pay in court. Also, you can use this financial instrument to cover additional costs that are not covered by the payment plan or money from common spousal assets. Often a personal loan comes between $2,000 and $50,000. You can take this money at an annual rate of 6 to 36%.
- Use of a personal credit line
If you are faced with the difficulties of financing divorce proceedings, then you may consider the option of using a divorce loan credit line instead of getting a fast personal loan online. Unlike a personal loan, you can use the right amount of credit and not pay extra money before you need to cover legal costs.
- Use available credit card funds
Often, the money that is available to you on a credit card has a significantly higher interest rate than a personal credit line. However, sometimes this is the only option that will help cover the costs of the divorce proceedings.
This is an excellent option for those who already have a personalized credit card, and obtaining a personal credit line is a challenging issue. Also, do not lose sight of the fact that using a credit card is a profitable option if you need to cover costs less than $1000.
- Loans for divorce from relatives or close friends
Keep track of the possibility that your relatives or close friends can lend you funds to cover the divorce financing costs. If you have a low credit rating or you cannot independently open a credit line, this option is most effective. In some cases, you may need to conclude a legally binding contract, and this can be done at Webmoneyloans.
How much money will it take to get a divorce?
The cost of a divorce depends on the state where you live. However, on average, this figure is about $15,000. This amount includes such types of costs as:
- The costs of a lawyer.
- Legal costs.
- Valuation of your assets.
- Services of a tax consultant.
Also, do not forget that the final amount depends on such factors as the place of residence, whether your divorce will be disputed, and whether the spouses have children. Undeniable divorces will require significantly less financial expenses.
However, in the event of a contested divorce and you may need to hire a lawyer and therefore incur additional financial expenses. If we are talking about families with children, then you may need to pay a bill for evaluating the amount that will be required for custody of the child.
6 Practical ways to reduce divorce costs
To reduce the expense of a divorce, and avoid a long labor process, use the following recommendations:
- File online. If you decide to apply online, you can significantly reduce the costs that a lawyer would have to pay in the event of a full trial. In other words, all you have to do is pay the fees for submitting documents. Nevertheless, this option is suitable only for undeniable divorces.
- Come to a shared agreement. This option is referred to undeniable divorce since, in this case, the spouses initially have a deal with each other. In this case, you do not have to pay for a lawyer or inform the court about your assets. Most often, the cost of such a divorce does not exceed several hundred dollars.
- Don’t stay too long in court. Litigation can often be delayed, and therefore your costs for hourly pay to a lawyer will only increase.
- Avoid attorney bundles. Sometimes you can deal with lawyers who will offer so-called divorce packages. We are talking about several services that you can order in a law office at once. It is better to hire a lawyer for specific tasks so as not to spend extra money.
- Be sure to use the services of an assistant lawyer when necessary. An associate lawyer is much cheaper and can provide you with the required legal advice on a matter of interest to you.
- Use a settlement offer if you agreed on an equal division of property. In this case, you can avoid divorce loans online costs and face minimum charges.
Frequently Asked Questions
Do I need to pay for my loans after a divorce?
After applying for a loan online, you will be responsible for repaying it, regardless of your marital status, and until the loan is paid in full.
Who pays the legal costs in case of fault of one of the parties?
If the actions of one of the parties led to a divorce, the guilty party is not obligated to pay legal costs if there are no financial reasons for this.