Nobody plans for a divorce, so the unanticipated costs can feel overwhelming when it comes your way. Besides paying for legal representation and court fees, you’ll likely have to relocate and begin paying for living expenses alone.
Usually, each party should bear the burden of their own legal fees during a divorce. However, if you do not have cash readily available, here are some options to consider:
Using your credit card
While it may not be the standard practice, using a credit card to cover your legal fees is possible. Instead of using your joint bank account, this is an excellent time to open a new account under your name only.
Credit cards offer convenience and allow you to borrow money only when needed. Many also provide the option to pay in installments, allowing you to get legal services quickly without paying huge fees upfront. However, if you have high-interest rates and a low credit limit, it might not be the best way to pay.
Securing a loan
A personal loan might be a better alternative than a credit card if you require access to a larger amount of money. If you have a solid credit history with your bank, obtaining a loan with reasonable interest rates might be possible.
Conversely, you could borrow money from family and friends. Loved ones typically do not charge late penalties or high interest rates because they want to help. Just remember to pay them back to avoid damaging your relationship.
Picking up a part-time job or side project.
If you have the time and do not want to borrow money, consider taking on part-time work or side projects. Use your skills to your advantage and add another stream of income that might help you pay for divorce expenses. There are many platforms out there offering part-time work that you could explore.
Liquidating property.
Tennessee classifies property in divorce as either marital or separate property. Any assets you owned before marriage should qualify as separate property, which you may be able to convert into funds. However, classifying them can be difficult because properties can overlap in marriage. An attorney may help identify what assets and properties you can sell.
Calculating the expenses of a divorce and life afterward can lead to stress and anxiety. However, there are many ways of paying for divorce than you might think.