Can I Use Home Equity to Finance My Divorce?
Question: If I don’t have a lot of money but have substantial home equity[1], and really need a good attorney, can I somehow leverage this to get an attorney?
Answer: In Utah, it is possible to leverage your home equity to help you cover the costs of your attorney and divorce litigation costs. Possible, but not an absolute right.
If, after moving the court for permission, you can show the court:
- that there is equity,
- that a portion of it clearly should be awarded to you,
- that tapping the equity for your benefit won’t unduly harm your spouse, and
- that you have a need (or a compelling reason) to utilize the home equity to help you cover the costs of your attorney and/or other divorce litigation costs, your chances of having your request granted are very good.
[1] equity is the difference between the value of your home and what you owe on any mortgages or other encumbrances on the house
Utah Family Law, LC | divorceutah.com | 801-466-9277