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Is crowdfunding the newest divorce trend? Should it be?

| May 13, 2016 | Divorce

When many Maryland spouses tell their friends and family that they are preparing to end their marriage, the response is almost universally “I’m so sorry. What can I do to help?” Often, people don’t know how to answer this question, as divorce is such a deeply personal experience. However, there are plenty of ways that loved ones can assist during this period of time, especially when it comes to the financial aspects of a divorce.

For readers who are unfamiliar with the term “crowdfunding,” it is a process through which a group of people donate or contribute money to help support a cause. That cause can be an individual’s struggle with cancer, a college graduate’s start-up company or a newlywed couple’s honeymoon. Crowdfunding can also be put to use to gather funding for a person’s divorce.

Some people feel that asking for financial assistance with such a personal matter is demeaning and/or inappropriate. However, friends and family often have a deep desire to help out during a time of crisis, and divorce is a serious event in a person’s life — one that often requires the love and support of friends and family. Crowdfunding can provide a means of covering a portion of divorce expenses and can give those close to a divorcing spouse the chance to help out.

It should also be said that crowdfunding websites allow account holders to set up their webpage to reflect their unique set of needs and intentions. In this way, Maryland spouses can specify how any contributions will be put to use. It is possible to allocate crowdfunding dollars toward legal fees, setting up a new household or even recouping assets lost during the property division portion of a divorce.

Source: wral.com, “Crowdfund a divorce? Sites let you contribute to a couple’s breakup“, Lois M. Collins, May 9, 2016

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