The coronavirus pandemic hasn’t been great for love. It derailed weddings and honeymoons and some married couples are so eager to split that they’re looking to take out loans to fund divorces.
The number of inquiries to fund a divorce received was up 62% through November 2020 compared with all of 2019, according to the online loan marketplace company after analyzing search divorce-related queries it received from Google during those periods. The company’s data, broken down by state, also indicated that the largest divorce inquiry increases came from Tennessee, Texas, and Georgia.
2020 was a stressful year, more stressful than most and sadly we have seen the strain take its toll across the board, including in the marital home.
The U.S. divorce rate is at a 20-year low, but today’s polarizing political environment and diverging public health opinions amid lockdowns “a perfect storm” for divorce involving couples with misaligned ideals.
However, the cost of divorce rivals that of a wedding, and some Americans are strapped for cash. According to a 2017 Bankrate study, the average divorce cost in the U.S. is $15,000.
And even in pre-pandemic times, more than a third of Americans were not equipped to handle a $400 emergency expense without leaning on credit or personal loan from an individual or financial institution.
In certain circumstances, financing a divorce with a loan can be seen as an emergency for when you don’t have an emergency fund to pay for things and you end up having to look for money elsewhere.
A divorce loan is simply a personal loan used for divorce with the funds used to pay for costs associated with a divorce like court fees, lawyers, and mediation.
Where you get divorced also factors into the equation. The five most expensive states for divorces are California, New York, Delaware, Texas, and New Jersey, and range in average cost from $12,600 to $14,235.
Should you be in the midst of a divorce or contemplating divorce, contact the Law Offices of Renee Lazar at 978-844-4095 to schedule a FREE one hour no obligation consultation.