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Financing a divorce in New Jersey

It is no secret to New Jersey readers that a divorce can be costly. Fees and payments can quickly accumulate, and debt can increase exponentially. This is especially true for those that are the lesser earning spouse before a divorce, often unable to match their spouse's financial ability while struggling to achieve a fair settlement.

It is now more common to finance a divorce for the spouse that earns less money. Those who need money to obtain legal assistance, pay for fees, and daily living expenses are now often turning to other financing options. Money is the great equalizer and can make the break-up of a marriage smoother and the process faster.

This type of financing is relatively new, only being around since 2009, and individual states may have different regulations regarding the process. New Jersey readers will note that, besides from offering financing, many are turning to financial advisors to restructure wealth and assets to best finance a divorce. This growing industry has opened up a new set of options for those who are considering the dissolution of their marriage.

The amount of financing needed always depends on the individual divorce. For divorces between a high-earning spouse and an unemployed spouse, a larger amount might be needed. This would leverage the spouse with more time and money to ensure that their needs are met in the settlement.

This type of financing is for those that have no other financial options when entering a divorce. This type of assistance would be applicable for those with a large discrepancy between their personal and their spouse's finances, or a high-asset divorce. While this option is not for every case, it is an option that many people choose.

Source: MSN Money, "Financing options open up for costly divorces," Geoff Williams and Beth Pinsker, April 16, 2013

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