A recent news article touches on a very important topic. There are many situations where one spouse is the moneymaker in the relationship and the other spouse has given up their career to stay home with children. During the many years of the marriage the spouse who is working may move up through the ranks and start earning a very large salary. At the same time the non-monied spouse continues to take care of the children and the home.
Then one day, the earning spouse files for divorce. Before the non-monied spouse knows it, his or her spouse has cut all access to bank accounts and credit cards and has essentially left the non-monied spouse broke. Does this scenario seem fair? Certain financial companies feel it's not, and they are trying to do something about it.
There have been several companies that have opened nationally that provide large loans to non-monied spouses so they can get the proper representation during a divorce case. The loan carries an interest rate of 18 percent to 20 percent, just like a credit card, but does not need to be repaid until the divorce case is finalized. The hope is that the spouse will be properly represented and win his or her fair share of the assets. Those assets can then be used to pay back the loan.
Some find this type of service a bit suspicious and wonder about the ethical implications of providing a loan for a struggling spouse. We can definitely understand why a spouse would turn to such a service. But before you do so, it may be helpful to reach out to a divorce attorney who can discuss your case with you. There may be a way to ask the court to have your spouse pay your legal fees during the divorce. Talking to an attorney can help you really understand your options.