Divorce Lawsuit Funding: Stay Afloat Financially During Your Divorce
Divorce is one of the hardest things anyone has to face.
It not only takes a toll on you mentally and physically but financially as well. A divorce lawsuit cash loan can lighten the burden by helping you stay afloat during the proceedings. There many reasons a person going through divorce proceedings will need some kind of funding up-front. These lawsuit loans, which are actually cash advances, will allow you to pay for things like your kids’ education, food, medical and utility costs, house rent/mortgage, and even cover lawyer’s fees.
Here’s why divorce lawsuit funding will benefit you:
- You may not have been the primary source of income for the family, or been aware of all assets, financial accounts or of bank loans and mortgages taken out in your name. Your spouse could also have been hiding assets from you. This would affect your credit rating and not stand you in good stead with banks if you were looking for a conventional loan. This is where divorce financing firms come in as your credit rating doesn’t even come into play when applying for a divorce lawsuit loan.
- You don’t need to be employed to qualify for lawsuit funding. It could be that you gave up a lucrative job to stay home with the kids. Finding a job after being out of the market for a while can be difficult. Divorce lawsuit cash advances can help you remain at home to look after the children during the proceedings. Alternatively, the cash advance could help towards the hiring of a nanny/housekeeper later on which would enable you to get a job that would eventually make you financially independent.
- Because qualifying for a divorce lawsuit loan doesn’t depend on the state of your finances, these applications just require your personal details and your lawyer’s contact particulars. Once you have submitted the form, the loan company will get in touch with your lawyer for details about the case. After this the company will calculate the projected amount of reward or settlement you may receive by assessing your and your spouse’s assets. After that, you should receive the advance within a week.
- Most divorce lawsuit funding firms will not expect repayment of the loan until after the settlement has been reached. Should the settlement include the sale of assets, some firms will allow you to repay it you have received the money. Most importantly, because these funds are Non- Recourse advances, you will not have to repay the loan in the unlikely event that you don’t receive any financial recompense. And should the damages awarded be less than that projected by the firm, you will not be expected to pay back more than what you received.
- However, these loans don’t come free. Lawsuit funding is a risky business and divorce lawsuit loans will charge you a fee – that could be a one-time payment or monthly. Interest rates can be pretty high, some as much as 15 percent.
In most marriages, one spouse will always be less financially well off than the other and if you fall into this category you will be at a definite disadvantage. Even if both you and your soon-to-be-ex-spouse are both more or less equally well off financially, whoever has that bit more will be able ensure that proceedings get dragged out as much as possible so as to put more pressure on the opposite party. So, basically the spouse that is financially more stable will be able to get better counsel and ultimately a better deal in the distribution of assets. Divorce lawsuit funding will help make things a bit more even in your divorce case.