by Robin Roshkind, Esquire, West Palm Beach, Florida
You have heard the expression: “Expensive, but worth it.” That also applies to a divorce. You may have been in a miserable marriage for years; you may feel stuck; money may be tight; but if you’ve honestly tried everything, and divorce is the only way out, it may be the best money you ever spent.
In hiring a divorce team, which could include a forensic accountant, a divorce lawyer, a marriage counselor, a vocational evaluator, a custody evaluator, an appraiser, and other “experts”, you may have to come up with quite a cash stash. Here are some ideas for raising funds for a divorce:
1. Use cash value of your life insurance policy.
2. Take a loan from your IRA or 401K.
3. Sell some stock.
4. Sell some jewelry or watches.
5. Take a second mortgage on your home or other property.
6. Temporarily borrow from family members or good friends until the divorce is resolved.
7. Put fees on your credit card.
8. Use inheritance funds, pre marital funds or other separate property.
If you are the spouse who will be asking the court for a reimbursement of fees and costs from your spouse, you will have to show a “need”. Loans or sales are evidence of that. The use of marital funds or assets also proves that you needed the money to retain a divorce lawyer or other experts. Going into debt to pay for your divorce is also evidence of “need”.
On the other hand, if you are the breadwinner of the family, liquidating marital assets to pay for your lawyer and other experts is acceptable, in that one half of the marital assets are presumed to be yours alone anyway. For more information about this or other divorce topics, call one of the divorce lawyers at ROBIN ROSHKIND, P.A. at 561 835 9091 or click on the Firm’s web site at http://www.familylawwpb.com for more information.