Unfortunately, some marriages don’t go as planned, and partners must go their separate ways. During a divorce, you may encounter financial challenges, mainly in the form of expensive legal fees.
Below, we look at how bridge financial loans can help offset such difficulties and fasten divorce proceedings with minimal disruption.
Help Pay for Legal Fees in The Short Term
Divorce proceedings take time, and legal fees pile up as most people may only be able to pay after the division and sale of marital assets.
In such cases, you can get a bridge financial loan to pay for meditation or solicitor charges in the short term.
Buy One Partner Out of a Jointly Owned House
In some cases, putting the marital home on sale isn’t practical, especially when children are involved or there are unfavorable market conditions. If you want to keep the marital home, you can use a bridge loan to buy the ex-partner out.
However, if both partners decide to sell the home, a bridge loan can help you buy a new house or lease an apartment.
How Much Funds Can You Borrow With a Bridge Loan?
The amount will vary depending on your circumstances, such as if you have another loan or your property value. For instance, you can borrow up to 80 percent of the property value ( sometimes even more).
If you found this information helpful and would like to explore more, please visit Bridge Divorce Strategies.
