Couples who decide they can no longer live together have to divide assets and come to some agreement concerning minor children, if there are any. There is paperwork to file and court dates to set. For some spouses, with limited financial resources, the idea of hiring a lawyer and having legal representation seems out of the question. They may even decide to stay in a bad relationship because they don't think they have any other option. Experts argue that there ways to finance divorce, if that is really what you want.
Some people try to save money by attempting to go through the separation process themselves. They think they can download forms and go to the courthouse to file the paperwork. Without a lawyer you may be putting yourself in a bad situation, especially if there are minor children involved, or if you and your partner have disagreements about how to divide property. You really need an impartial person to represent your interests in these cases and make sure you get the kind of settlement you deserve.
If you have your own checking and savings account, this is a good place to start figuring out how to pay for the process. Depending on your age, you could also borrow against your company financial savings plan. Taking funds out of an IRA has tax consequences you must consider.
If you have assets of your own, that are not tied up until settlement, you might be able to get a bank loan. Without assets, your best bet would be to try and convince the lender that you are entitled to a portion of joint assets that can be liquidated and turned into cash to repay a loan.
Some families are willing to help, if they are able, and would probably offer the money needed as a gift. You could accept it this way or insist on making any money given a loan by drawing up a simple agreement that everyone involved signs and keeps copies of. Handling the loan this way tends to reduce tension and conflict with other family members who might not be as generous.
Depending on your credit line, you might consider putting a portion of the expense on a credit card. This has advantages and disadvantages. Most people do not have a high enough limit on their cards to make this option feasible. Those that do, might consider this as a short term solution until the funds can be obtained from another source. Unless you are able to pay off the card quickly, the interest charges may become unmanageable.
If you own a home, you might borrow against the equity in it. This could even be possible if it is jointly owned with the separated spouse. He or she might agree to it as long as the loan repayment is taken out of your portion of the proceeds of the sale of the property.
You need a professional on your side when you are getting out of a marriage or long term relationship. Paying the expenses may be difficult, but it is probably a better idea than staying too long.
Some people try to save money by attempting to go through the separation process themselves. They think they can download forms and go to the courthouse to file the paperwork. Without a lawyer you may be putting yourself in a bad situation, especially if there are minor children involved, or if you and your partner have disagreements about how to divide property. You really need an impartial person to represent your interests in these cases and make sure you get the kind of settlement you deserve.
If you have your own checking and savings account, this is a good place to start figuring out how to pay for the process. Depending on your age, you could also borrow against your company financial savings plan. Taking funds out of an IRA has tax consequences you must consider.
If you have assets of your own, that are not tied up until settlement, you might be able to get a bank loan. Without assets, your best bet would be to try and convince the lender that you are entitled to a portion of joint assets that can be liquidated and turned into cash to repay a loan.
Some families are willing to help, if they are able, and would probably offer the money needed as a gift. You could accept it this way or insist on making any money given a loan by drawing up a simple agreement that everyone involved signs and keeps copies of. Handling the loan this way tends to reduce tension and conflict with other family members who might not be as generous.
Depending on your credit line, you might consider putting a portion of the expense on a credit card. This has advantages and disadvantages. Most people do not have a high enough limit on their cards to make this option feasible. Those that do, might consider this as a short term solution until the funds can be obtained from another source. Unless you are able to pay off the card quickly, the interest charges may become unmanageable.
If you own a home, you might borrow against the equity in it. This could even be possible if it is jointly owned with the separated spouse. He or she might agree to it as long as the loan repayment is taken out of your portion of the proceeds of the sale of the property.
You need a professional on your side when you are getting out of a marriage or long term relationship. Paying the expenses may be difficult, but it is probably a better idea than staying too long.
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