Should I Finance My Family Law Case?
Unfortunately, divorce and family law cases are not only emotionally hard, but they can also be very expensive as well. While there are ways to minimize your legal fees with strategies we’ve learned over the years, sometimes your spouse puts you in a position where you have no choice but to fight for your rights and the rights of your family. Lengthy fights, with lots of court appearances, often increase your legal bills. While there are pros and cons to financing your divorce or family law case, sometimes your ex-spouse or the parent of your child leaves you with no other options.
Normally, you finance your case with either a credit card or a personal loan.
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How Do I Finance My Divorce or Family Law Case?
There are normally two ways to finance your divorce or family law case. The first is with a credit card from large companies you’ve likely heard of before:
- Visa
- Mastercard
- Discover
- American Express
With a credit card, the credit card company will not give you a loan. Instead, you will be approved for a certain amount of money and you can spend that money on your legal fees or court costs. You will, of course, have to pay interest on the credit card.
The second way to finance your case is with a personal loan with a private loan company. In the last few years, there have been a lot of these companies that have appeared. These companies, such as Sofi and Best Egg, will give you a lump sum of money—anywhere from a few thousand dollars to $100,000—and you are free to use the money as you wish.
You will have to pay the loan off over a certain period of time, with interest, and that time period could be as short as a few months or a few years. Normally, you have some options on how long to repay your loan.
Pros vs. Cons of Financing Your Family Law Case
There are a few different pros and cons to weigh before deciding on whether you want to finance your divorce or family law case. Here are the pros:
- Can get you money quickly for your case
- Can allow you to fight for your rights and secure a better deal in court if you have the money to keep paying lawyer and court fees
- You can pay your divorce or family law cases off slowly over time
Cons:
- The interest rates can be high
- You have to go into debt for some time period
- You have to qualify for a personal loan, which isn’t always easy
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Who Can Help Me Finance My Family Law Case?
- Sofi
- Upgrade
- Best Egg
- LightStream
- Prosper
Any one of these companies can assist you. You would need to click on the company and reach out to them directly to learn whether you qualify for a loan, and if you do, how much money you can receive.
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Important Disclaimer
The Aberdeen Law Firm, PLLC does not endorse or have any affiliation with the aforementioned companies.
The information provided above is provided only to inform and educate and to offer points of comparison between lending institutions. The Aberdeen Law Firm, PLLC does not assist or help clients in getting loans to pay for legal services.
The Aberdeen Law Firm, PLLC is not a lender and there are no promises or guarantees, express or implied, that a client will qualify for a loan. Further, the Aberdeen Law Firm, PLLC is not offering financial, consumer, or credit advice and recommends clients speak to a personal banker or financial advisor or financial institution for advice on their matter.
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