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Some Colorado couples may turn to crowdfunding to pay for divorce

| Sep 11, 2015 | High Asset Divorce

It is not an uncommon custom in the United States for friends, relatives or members of the community to give money to a couple who is getting married in order to help them begin the financial side of their journey together. Couples in Colorado are certainly no strangers to the tradition of gift money being placed inside a wedding card or offered to the couple at their reception. A recent trend has arisen, however, that seeks donations for something very different; that is, others are being asked to help fund a divorce.

Known as crowdfunding, it is not entirely a new idea. In the past, people have donated money to all sorts of business and personal ventures such as other people’s education, business pursuits or company start-ups and even honeymoons or birthdays. In recent times, various websites have been launched that allow people to ask for donations to fund their projects or causes. Millions of dollars a day are raised through such means.

it is said that the cost of the average divorce is between $15,000 and $30,000. In a high asset divorce, when spouses are determined to battle against one another, the cost can be even higher. This is why some have chosen to use the services of such websites in order to seek funding for their legal expenses.

Anyone in Colorado who has questions or concerns about a limitation of finances where an impending divorce is concerned might wish to discuss the issue with a family law attorney before proceeding to court. There are often many options available for someone who wishes to achieve a swift and amicable outcome. A first logical step in the process would be to discuss all matters of concern such as assets, child custody or property division with a legal professional in order to determine how best to proceed to obtain a positive and comprehensive settlement.

Source: commdiginews.com, “Crowdfunding, creative financing help people get divorced“, Myra Fleischer, Aug. 31, 2015