Photo of the legal professionals at Harry Lewis Co., LPA
Photo of the legal professionals at Harry Lewis Co., LPA

Trusted In The Columbus Area
For More Than 40 Years

Photo of the legal professionals at Harry Lewis Co., LPA

Trusted In The Columbus Area For More Than 40 Years

Are loans a good idea for divorce?

On Behalf of | Apr 20, 2020 | Divorce |

Untangling a married couple’s assets and personal lives is a time-consuming process, and also an expensive one. And when there are more complicated assets at play, the costs associated with divorce may build up quicker than one might think. There are solutions to this, though. Some couples in Ohio choose mediation as a way to keep costs down, while others seek out different options.

Borrowing money to pay for a divorce has become more common in recent years. Divorce is a surprisingly intimate process, affecting every aspect of a person’s life from his or her family, residence and financial status. It makes sense that some people might feel more comfortable having access to a stable financial resource.

There are benefits to this approach. Some feel that it allows them to get help when filing or soon after. There are also downsides, too. These types of loans frequently have high interest rates, sometimes as much as 10%. So a loan can provide short-term financial confidence while costing much more in the long term. In some cases, a borrower may even have to use his or her settlement to pay back a portion of the loan.

No one in Ohio should put off ending an unhappy marriage because of financial worries, as there are solutions that may help. Mediation is one effective method for minimizing related costs while also giving couples greater control over their divorce settlements. This involves using an impartial third party mediator, who will help a divorcing couple navigate through things like property division, alimony and more.