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- W845598906 abstract "Divorce can be prohibitively costly. Many struggle or simply cannot afford to pay attorneys' fees, and economic effects of on women are particularly acute. In past few years, financing firms have emerged to fund nonmonied spouses, mostly women, who cannot afford to litigate divorces from their wealthy spouses. The services provided come with a hefty price tag: firms take large fees, and their involvement may lead to unethical and potentially damaging practices. This Note explains what third-party finance firms are and why use of firms is problematic, and offers an alternative, more equitable method of financing nonmonied spouses' fees. Courts, not financing firms, should address any disparities in ability to pay between spouses. Mandatory fee shifting by courts would obviate need for these financing firms that improperly profit from and whose services come with many unwelcome strings attached.INTRODUCTIONDivorce traditionally involves two spouses, their attorneys, a judge, and perhaps children. But today, in some cases, drama involves a new party: a divorce-financing firm. Since 2009, these firms have been investing1 or loaning money at high rates2 to spouses, mostly women,3 to finance divorces. Traditional forms of funding (e.g., a standard bank loan) are often not an option for an individual whose spouse controlled finances during marriage and who often has no income, low credit, and little or no available collateral.4 In addition to often having difficulty paying to litigate a divorce, women typically experience a severe decline in economic standing after a divorce.5The media portrays third-party financing firms as saviors for those who cannot otherwise afford to pay for their litigation. For example, reporters have dubbed one such firm and its leading attorney Robin Hood for divorcing women,6 the fairy godmother for Manhattan divorcees,7 and divorce fixer.8 The nonmonied spouse seeking financing for her is typically a woman whose husband controlled finances, perhaps gave her an allowance, and generally funded her lifestyle by making mortgage and credit card payments and meeting other financial obligations.9 Divorces themselves are complex and expensive. In addition to attorneys' fees, spouses often pay for outside experts and investigators10 to analyze a spouse's questionable behavior and value monied spouse's business, real estate, stocks, and other assets,11 resulting in a lengthy discovery process.The media and scholars have not probed deeply into ethics and economics of this growing practice to consider if more cost-effective and morally sound alternatives exist for potential clients of these firms.12 Third-party funding is distinct from traditional bank loans and credit cards for following reasons: financing firm is more involved in outcome than a bank would be; there are moral implications of firm explicitly profiting from divorce; and finally, settlement is only source of repayment. Unlike traditional loans where banks are repaid as long as their clients secure funding, settlements are only collateral for third6. party financing firms, so these firms are more invested in strategy of how money is spent and goal of finalizing divorces.13Third-party firms finance nonmonied spouses either through nonrecourse loans or through an investment-like funding. Either of these funding arrangements, regardless of nominal label given or specifics of arrangement, resemble a contingency fee arrangement when repaid in event of a settlement. This is problematic because contingency fee arrangements in which [a] fee [is] charged for a lawyer's services only if lawsuit is successful or is favorably settled out of court14 have long been banned in cases.15 Some firms give nonrecourse16 loans whose terms explicitly tie repayment to finalization and settlement of divorce. …" @default.
- W845598906 created "2016-06-24" @default.
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- W845598906 date "2015-05-01" @default.
- W845598906 modified "2023-09-23" @default.
- W845598906 title "Eliminating Financiers from the Equation: A Call for Court-Mandated Fee Shifting in Divorces" @default.
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