Financing
CONCERNED ABOUT FINANCES?
We understand that going through a family law matter is a financial investment in your future. Most people plan financially for the future – marriage, retirement, college, buying a house, etc, However, no one plans on getting a divorce much less prepares financially for the process. The natural result is that a person has to pull
money from other resources, and each time an account has to be touched or money has to be borrowed, it’s another reminder that things didn’t go as planned.
While we don’t deny it can be expensive, we firmly believe its worth the investment to make sure you have experts in family law protecting your assets and your future. You’ve already invested so much in your future; this is just another way you are investing in and protecting it. Below are a few suggestions on avenues to explore if you are feeling financially stretched.
Ready to Get Started?
We can help. We can guide you through the consultation process starting with a scheduled call back from a member of our intake team. If you would prefer to speak directly and confidently with an attorney, a paid hour consultation is also available. To arrange a meeting, contact us today.
Ready to Get Started?
We can help. We can guide you through the consultation process starting with a scheduled call back from a member of our intake team. If you would prefer to speak directly and confidently with an attorney, a paid hour consultation is also available. To arrange a meeting, contact us today.
Open a Credit Card
Many people open a new credit card and dedicate it solely to the divorce process or other family law matter. There are a number of reasons this could be a good idea for you.
1.) If you aren’t ready for your partner to know you are filing, you can start the process without raising any flags until you are ready to sit down and have a conversation.
2.) Most firms allow you to pay the retainer in whatever currency you’d prefer – you may have the money to pay the regular invoices, but open a credit card just for the retainer itself.
3.) You can pay it off over time. Depending on the interest rate, you may be able to take your time paying off the attorney fees versus the expectation of most firms that payment is due at the time of services rendered in addition to the retainer. At the time of this article, Chase bank offers a 15 month interest free rate for qualified applicants.
Consider a Loan
Getting a loan for the anticipated cost ensures
you have all or most of the money you’ll need up front. The advantage to this is that you won’t get behind on payment. Typically, if a client does fall behind, many law firms will put the matter on hold to give the client time to get caught up. While the integrity of your case isn’t harmed, it does extend the length of time it takes to get the case resolved.
At Hobson & Hobson P.C., we work with a 3rd party vendor to provide loan options for our clients. If you’d like to know more about the financing option, please let us know and we’ll help you get the process started. You can also reach out to your local bank or credit union who typically have low interest loans for those that qualify.
Refinance Your Home
While it’s not recommended to do while going through a divorce, those with other family law matters may find this to be a viable option. It’s important regardless to speak with your attorney, before moving forward with this option. That being said, this can provide a large sum of money at a pretty low interest rate.
It’s a good option to talk to your attorney about if you know that you have a complex matter that will involve multiple hearings or a final trial. If your attorney agrees it won’t harm your case to refinance your home AND you decide it’s worth the investment, the next step is to reach out to your mortgage broker or lender to start the process. While no attorney can give you a guarantee of what your case will cost, they can provide you some guidance on how much you should plan to invest in the process to work
towards accomplishing your desired outcome.
Borrow from Friends or Family
While this may not be the first option someone may choose, this is still a very good option. The person lending or giving the money is someone that loves and cares for you and wants you to have a successful outcome. Many people end up just giving the money while others choose to lend. The advantage of this is you can setup an extended payment plan that accommodates your current situation and income so you don’t become financially stressed.
If you do borrow from friends or family, be sure to educate them on the billing process of the firm, when to expect their card to be charged, and how much they should expect to spend over time so they can prepare properly and ensure the funds are available when needed. You may also choose to list them as an authorized agent so they can receive the detailed billing prior to their card being charged.
We know this is a difficult time; please reach out when you are ready to talk through your options.
Contact us at (770) 284-6153 or email info@hobsonlegal.com