There are many questions you ask yourself as you are served divorce papers or prepare to file them. How can you find the best divorce lawyer in The Woodlands? What will your life be after the divorce? And, more urgently, how can you pay for divorce, with everything it involves?
While it represents a significant unexpected expense, you know that you can’t afford not fighting for a fair share of the marital assets. So you must prepare for everything from property valuation fees to hiring various expert witnesses.
Here are some of the most common ways of funding your divorce:
Charge Divorce Costs to Your Credit Card
One of the ways of deferring divorce costs is using the credit card to pay various fees. Thus, the actual expense will be deferred until the process is over and you have control over your share of marital assets.
However, you should avoid maxing out the credit card. In some cases, your spouse may seek a temporary order, which sets limits on both spouses’ spending until the divorce decree is issued. The order may also stipulate the reasonable attorney fees – which could be less than what you are actually paying.
Use Funds from Your Separate Savings Account
A simple way to pay for divorce is to use your own funds – separate from the joint checking account. It is important to be able to prove that you are not depleting marital assets, because your spouse may use this tactic to obtain a larger share of all marital property.
This is why it is important to maintain both a joint checking account and separate accounts where you save any money left after making a fair contribution to household expenses.
Inquire about Employer Benefits
Some employers offer financial assistance to their employees during this divorce. You should inquire if this benefit is available and take advantage of it. As a valued employee, you have every right to enjoy any perks offered for your hard work and contributions made to the success of the company.
The most common form of this benefit is the legal insurance plan.
Negotiate a Payment Plan with Your Attorney
A reputable divorce lawyer in The Woodlands will work with you to create a feasible payment plan for their fees. This issue is discussed on a case by case basis, and may help you split payments over a period of time.
Use Home Equity
If you own a home and built substantial equity in it over the years, taking out a home equity loan is a great idea to pay for divorce. However, you must consider the fact that the respective home may be part of the community property and you may only receive a share of it.
You would have to consider offering your spouse an asset of equal value to their share in the house in order to keep it.
Consider Crowdfunding
Crowdfunding is a modern method of obtaining capital from donors or future stakeholders. It is used both by businesses and by individuals who need to raise an important amount of money over a short period of time.
Your family members and friends can not only donate, but also reach out to their own network to ask them to contribute.
Hire a Skilled Divorce Lawyer in The Woodlands for the Best Results!
While it may appear difficult to pay for divorce, sitting back and doing nothing is not an option. You will be left at the mercy of the judge and walk away from your marriage without the financial stability you need to start your life again.
This is why you need to hire an experienced divorce lawyer in The Woodlands, who will fight for a fair share of the marital assets. Don’t waste valuable time – call us as soon as you’ve decided to file for divorce: 281-519-2287!
