It is a situation in which many individuals seeking a divorce find themselves. They have high value assets to chase in their divorce proceedings, but no money to afford an attorney to do so. As the New York Times Reported on December 4, 2010 , a California based company, Balance Point is funding divorces for those who can not afford to do so. However, they take a percentage of their client’s winnings, so the cases that they accept are those where high value assets are involved. As the New York Times reports, “the number of companies investing in divorce is small – Balance Point is one of the few that do it exclusively. But other businesses are gearing up. A New York start-up, Churchill Divorce Finance, also is planning to enter the business.”
The Maryland Lawyers’ Rules of Professional Conduct Rule 1.5 prohibits attorneys from taking divorce cases on a contingency fee basis, meaning to take a percentage (as is often seen in personal injury and medical malpractice cases) of their client’s ultimate share of the marital estate as their form of compensation.
For more information, contact Monica Scherer, Esq. at 410-625-4740