Illinois trend emerges: firms helping clients fund divorce
The end of marriage is hard on most Illinois couples. Divorce exerts tremendous pressure on everyone involved. It means that a once-loving marriage is ending, and there are now sudden financial considerations, such as child support, spousal support and property division, all of which require focused and careful decisions. Beyond these costs are additional expenses, such as hiring an attorney and perhaps, forensic accountants and financial advisers, if considerable assets are involved.
Although it would clearly be to their benefit for women to maintain financial independence during their marriages, many of them have not been able to do so. Either they have not been in the job force earning income, or they have surrendered all financial decisions to their husbands. Even women who are well off can be cash poor when it comes to hiring a professional team to manage their divorce issues. This does not mean they cannot hire professionals to help them, however. A new type of business has developed in the last few years that provides loans to women who do not have the necessary funds to pay for legal costs.
This will help those women who might otherwise be forced to surrender in divorce battles and allow their husbands to get more of what they want. Women are often left with no other option than to accept terms dictated to them.
The example of such a divorce is the recent suit brought against billionaire investor Steven Cohen by his wife, who alleges that he cheated her in their 1990 divorce settlement by hiding assets. Two funding firms are backing Cohen’s ex-wife and will take a percentage of any funds recovered.
Source: Forbes, “Can’t Afford Your Divorce? New Firms Specialize In Divorce Funding,” Jeff Landers, Jan.1, 2015