Money has been a struggle for you throughout your marriage. Now, that marriage is about to end, but the money challenges continue. You wonder whether you can pay for the divorce.
How will you accomplish this, especially with your history of coping with financial challenges? That is just it. You have a history of coping and overcoming financial problems. You may have to be patient and inventive, but you can find ways to pay for your divorce.
Cash, bank accounts and loans
Seek attorney referrals and do research. Many attorneys will negotiate a payment plan. They may offer a sliding scale fee based on a client’s ability to pay, or even a discount if a client is unemployed. Legal aid assistance also is possible from a nonprofit legal assistance program.
Now that you have set course with the divorce and an initial plan, here are some of the options to pay for it:
- Cash on hand: Some families abide by a strict cash-only system. If that is the case, then use that money to pay your legal bill.
- Money from bank accounts: Your checking and savings accounts are reliable sources.
- Loans provided by relatives and friends: Trusted people know what about your personal challenges. But take great consideration when deciding on who to approach.
- Funds from the sale of non-marital property: This may include a car, motorcycle, boat or other properties you owned prior to your marriage.
- Credit cards: Some may hesitate on this method. However, if you make regular monthly payments, this is workable. Many law firms accept credit cards.
- Retirement accounts: This money is intended to pay for your retirement, so consider this as a last option. One thing to remember is that a divorce is among the few times that people may withdraw money early from an IRA or 401(k) and not face the 10% withdrawal penalty.
Consider any of these resources to come up with the money to pay for your divorce.
Facing a financial challenge
With a divorce comes emotional and financial challenges. Face these challenges. Determining the best way to pay divorce expenses may represent the first independent decision you made after separation. This is only one of more decisions you will encounter without a spouse. With confidence, you can carry on.