For many Maryland women, the prospect of filing for divorce is worrisome. There are a great many uncertainties regarding the process and its eventual outcome, and many women postpone filing due to fears of financial turmoil during the period between filing and settlement. In many cases, angry spouses act to limit their partner's access to marital funds once a divorce is filed, which can seriously hamper their ability to litigate the matter properly.
One company has recognized this obstacle, and has put a program in place to address the lending needs of spouses who are preparing to file for divorce. The company, BBL Churchill, offers litigation lending services to women who stand to make significant financial gains during their divorce. In fact, the company employs one former divorce attorney to help guide women through their financing options.
Women can take out a loan to cover their living expenses during the divorce process. The funding can also be used to pay for legal services associated with the divorce. This gives many women the ability to fight for their rights in a bitter divorce. Without such a service, many women would simply settle due to an inability to afford to litigate.
When the divorce is final, the loan is repaid through the assets gained during the property division portion process. The lender may be paid through the sale of an asset such as a home or recreation vehicle, or when an IRA or other investment vehicle is liquidated. While this service may not be a for every Maryland spouse who is considering divorce, it is an option that many may find useful.
Source: ABC News, "’Fairy Godmother’ Levels Financial Playing Field in Divorces," Linsey Davis, July 9, 2013