Filing for divorce in Georgia drives many people to apply for a personal loan so that they can pay for the legal fees. While the overall divorce rate has dropped, the number of divorce loans skyrocketed in 2020. This shows that an increasing number of couples are getting divorced, and they don’t have enough money in their savings to pay for it out of pocket.
Why are divorce loans increasing?
Filing for divorce can be nearly as expensive as getting married. Research has shown that the average divorce costs about $15,000. Many people don’t have that much money sitting around in their savings account, but they don’t want to spend another year or two with their spouse. As a result, they take out a loan to help them pay for their attorney fees.
A study revealed that the number of requests for a divorce loan shot up 62% in 2020 with Georgia, Texas and Tennessee having the most requests. Some people use the assets that they received in the divorce to pay back the loan and move on with their lives. Unfortunately, others find themselves paying back the loan for months or even years after their divorce.
If you can’t pay it off, a divorce loan could weigh heavily on your financial future. However, you might not have an option if you’re trying to get out of a toxic or abusive relationship. Make sure you’re getting your money’s worth by hiring an attorney to help the divorce process go smoothly.
How can you find the right attorney for you?
You can interview multiple attorneys in the area to find the right person for your situation. An experienced family law attorney may act as an objective third party while keeping your best interests at heart. They might give you the tools to leave a toxic relationship and start a new life.