The True Cost of Divorce – Do you know?

Need an online loan to help with your divorce?

Divorce costs. We don’t just mean all the heartache and hassle that so often accompanies the end to a marriage. That is awful in itself: and if you are currently going through the throes of divorce then you have our sympathy.

But sadly there are financial costs to a divorce as well. Which is the last thing you need when you are already going through the mill.

The latest figures from the Office of National Statistics show that during 2017 there were 101,669 divorces of opposite-sex couples in England and Wales in 2017, and 338 divorces of same-sex couples. Whilst these figures interestingly show a gradually declining trend in divorce, there is still a lot of it around: particularly in men aged 45 to 49 years and women aged 40 to 44 years.

But what are the costs of a divorce?

It all depends on how you go about things. If both parties are in agreement then there are online services that aim to handle things efficiently and quickly, and can work out significantly cheaper than going through a solicitor.

However many people do need to take legal advice because their situation is more complex. Whilst the starting basis for negotiation between divorcing couples is to split the matrimonial assets equally, there are many potential factors that need to be taken into account to ensure a fair split –  in which case professional legal representation is really important.

But this legal representation does not come cheap. In fact, according to a recent Family Finances Report by Aviva , UK couples can end up spending an average of £14,561 in legal fees and lifestyle costs when they divorce. This figure is likely to be even higher in London.

So it is not surprising that a new sector of the financial market is now evolving: “matrimonial finance”. There is a new range of specialist loans that aim to cover the cost of legal fees and living expenses throughout the divorce proceedings, and are then paid back after a financial settlement is agreed. The main idea behind matrimonial finance is to enable the less financially dominant partner to have the chance of appropriate and sufficient legal advice and representation.

But during a divorce it can be extremely stressful to have to start researching and applying for specialist loans and providing a new lender with all your personal data and financial details just at the time when you are feeling incredibly vulnerable.

This is where Loans 2 Go may be able to help.

We offer a range of online loans that are quick and easy to apply for. If you are accepted for a loan we aim to get the money to you the very same day – often within 60 minutes. So you can apply online from the comfort of your own home and we make the process as simple and straightforward as we can. If you prefer to speak to us then we are just a phone call away on 0330 400 0403.

Another worry you may have is whether you would be accepted for a loan if your finances are currently being affected by the divorce process. It can be hard to make ends meet if your partner is no longer in the home but you still have all the expenses to pay.

Well the good news is that we look at every case on its merit. As a responsible lender we would not want to lend money if you cannot afford the repayments: that would make things even worse than they already are. But if a loan is affordable and would be a positive help, then we would certainly consider your application even if your credit rating has been impacted by your circumstances.

So if you need some financial help during this difficult time, why not see whether an online loan from Loans 2 Go may be the answer?

We hope that you will soon come through this difficult time and that there is a better and brighter future ahead…