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Personal loans could pay divorce expenses

On Behalf of | Jun 25, 2019 | Divorce

On average, an individual going through a divorce will spend about $15,000 in legal fees. A person who is ending a marriage in Pennsylvania or anywhere else may turn to a personal loan to cover that expense. This may be an ideal solution because lenders may allow a person to borrow up to $50,000 or more at one time. Furthermore, personal loans can come with lower interest rates than credit cards or other sources of funding.

Individuals will have fixed payments that can stretch out over several years. Therefore, it may be easier to pay for a divorce without having to go bankrupt or experience some other financial hardship. Knowing how long a repayment period will last can make it easier to plan for legal fees in a long-term budget. Generally speaking, this type of loan can be acquired without collateral and in a single borrower’s name only.

Personal loans are not the only way to pay for legal or other expenses related to a divorce. It may be possible to use savings or a line of credit to pay for a lawyer or a private investigator. Using savings can be ideal for anyone who doesn’t want to pay interest or who may not qualify for a personal loan at an affordable interest rate.

It might be in a person’s best interest to hire Pittsburgh, Pennsylvania divorce lawyers to be a part of their divorce team. An attorney may be able to craft a strategy that enables a person to retain a retirement account or a family home. Furthermore, a legal professional might be able to review a prenuptial agreement to determine if it is valid. If not, an individual may be entitled to a larger split of marital assets or receive other forms of assistance.