Ryan Family Law, P.C.
Ryan Family Law, P.C.

Elgin, Illinois

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Options for paying for the costs of a divorce

When the possibility of divorce becomes a reality, Illinois residents in this situation might be concerned about how to pay for the divorce. With legal fees averaging about $15,000, financing a divorce can be the first challenge to overcome. However, there are a variety of ways residents can pay for their divorce process.

Because divorce also entails the negotiation for the division of assets and debts, paying for the costs associated with divorce cannot always be done through joint savings as these will be part of the litigation. However, if the person has additional savings that they can access, this might be one way to pay for the costs. A downside, of course, is that they would be using money they might need to set up their new life. Another way to pay is to borrow money from relatives. However, relatives might also feel entitled to weigh in on the decisions made during the process.

Legal costs might also be paid through a personal loan. The benefits of taking out a personal loan include no collateral needed and extended time frames of three to five years to pay the loan back. However, because the borrower receives all the money upfront, if the divorce costs end up being higher than estimated, then they will need to apply for an additional loan. Credit cards can also be an option. However, with both loans and credit cards, there are interest rates to consider.

In the end, each person needs to consider their options and decide which is best for them. They also should consider how they will benefit from the guidance and assistance of a lawyer with family law experience, since a lawyer might be able to advise them about the decisions they need to make during the divorce process.

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