How will you pay for a divorce, especially if you have limited finances? This is a question pondered by some thrust into separation and divorce, while simultaneously going through personal and financial struggles.
There are a few options for financial resources, some are close at hand, while others may require closer study and consideration.
Your spouse, credit cards and bank accounts
Here are some of the sources for which one may seek funds to pay for a divorce:
- Your estranged spouse: In Virginia, if one spouse has limited funds, and the other has higher earnings, a judge may order the spouse with higher earnings to pay for attorney fees. The court takes certain things into consideration such as income disparity, complexity of the case and whether one party has the financial wherewithal to pay the fees. The amount is likely just a portion of the attorney fees.
- Your credit cards: Many law firms accept them as payment. However, expect your credit card debt to grow significantly, so try to make timely and abundant payments if possible.
- Your bank accounts: Money from your checking and savings accounts are good sources. In addition, there may be the possibility to use money from a joint account.
- Loans from your relatives and friends: If you go this route, make sure to seek help from close, understanding and non-judgmental people. They may have been in similar predicaments, so they know what it is like to be in your shoes.
- Your retirement accounts: Divorce is one of the limited times that a person may remove money early from an IRA without having to pay a 10% withdrawal penalty. However, please remember to do this if you have no other available options. This is meant to fund your retirement.
Divorce often leads to financial struggles. Among the first is determining ways to pay for attorney fees. With careful thought, you can do so.
Realistic options exist
Granted, money is often among the top worries in divorce situations. Your marriage has come to an end, and you have concerns as to how to pay attorney fees. A few realistic options exist. In time, you will be on your way to a new beginning.