Episode 63 of the Divorce and Your Money Show discusses crowdfunding your divorce expenses.
Divorce is expensive. The average divorce can cost between $15,000 and $30,000. It can even be over $100,000. Ideally, before you begin the divorce proceedings, you must have a plan for how to pay for the costs of your divorce. There are some tried-and-true options (e.g., paying out of pocket and selling assets) and other, newer ideas.
Several platforms (e.g., Kickstarter and GoFundMe, Funded Justice) have recently grown more popular. They allow family, friends, and even strangers to donate to a cause or start a business. You can also utilize these platforms to help pay the expenses for your divorce.
When it comes to divorce, there are three companies that focus on this particular service: Plumfund.com, DedicatingDollars.com, and FundedJustice.com. Set up your profile, and explain why you need the funds. Publish your profile. Then send the profile link to your friends and family.
Letting people know you need help can be uncomfortable, but every dollar helps. Each of the platforms listed above has its own rules and fees. Be sure to do your homework about each one. Crowdfunding platforms dedicated to divorce can help you through this difficult time.
Key Learning Points
- Divorce can be a very costly endeavor. On average, it costs $15,000-$30,000.
- There are many ways to help pay for the cost of divorce, including crowdfunding platforms.
- Here are three crowdfunding platforms dedicated to divorce:
- Create your profile, tell your story, state your need, and let others know how they can help.
- Each platform has its own structure, fees, and minimums, so you’ll want to do your homework before beginning.
Thank you for listening to the Divorce and Your Money Show. We hope the show helps you through one of the most difficult periods of your life. Shawn Leamon is also the author of Divorce and Your Money: The No-Nonsense Guide. One-on-one financial coaching services are available at www.divorceandyourmoney.com.
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