How To Survive Financially During A Divorce
What do you do if you have very little cash and are facing a divorce? First make a list of all of the available credit in your name. Check all of your credit cards for the credit limits and how much is owed.
You may be surprised at how much open credit you actually have. During my own divorce I was shocked when I found a $10,000 open credit limit on a Visa card I had hardly used. That card put food on the table when my husband refused to pay spousal and child support.
When the divorce is final you can liquidate assets and pay these debts, but for now credit is the lifeline of the cash-strapped spouse. Whatever your situation, stay in control. Might there be a relative or friend that you could borrow from until the divorce is over? If there are assets, such as equity in the marital home, you might be able to persuade an attorney to hold off on payment until the divorce is final.
Lawyers recognize potential assets more readily than most creditors. Also, the court may award attorneys’ fees in some jurisdictions, in some cases, and if your attorney is willing to wait, that is more cash in your pocket. However, you should never plan on an award of fees from the court.
Remember that ultimately, you may have to pay your lawyer, even if you believed the Court would make your spouse pay your attorneys’ fees. Do not be shy when it comes to asking for help. Being in a tough situation is nothing to be ashamed of. You will be surprised at how people will go out of their way to help you when the chips are down. You just have to ask.
