There’s a crowdfunding site for everything nowadays. Kickstarter, for pretty much anything; GoFundMe for personal funding; PledgeMusic for up-and-coming bands; the ill-fated SwanLuv, which once promised to pay for your wedding on the condition that you would have to pay it back upon divorce. And now, divorce has a new crowdfunding platform, albeit more traditional than SwanLuv’s lofty intentions. Meet Plumfund.
Plumfund seeks to provide a valuable service for divorcees, who are often hit with exorbitant fees and financial turmoil upon divorce. Things like attorney fees, setting up a new home and even unexpected costs like the chance of a contentious, drawn-out divorce can rapidly deplete a person’s bank account and leave them susceptible to snowballing debt, credit hits and even bankruptcy.
Plumfund works like any other crowdfunding site. After setting up your fund, you promote it through social media in hopes of having your friends, family and other associates donate funds to help keep you afloat and pay for those expensive divorce fees.
Is Plumfund A Good Idea?
Often, divorcing couples tend to keep their cards held close to their chests. It can be a difficult time and it is not uncommon to retreat inward instead of asking for support from those closest to you. Plumfund helps with exactly that ”“ it shows financial and emotional support for friends and family going through divorce.
Not only that; it has attracted the attention of several investors, including Shark Tank star Kevin O’Leary who sees it as a tremendous business opportunity. With so many marriages ending in divorce (general estimates say that somewhere around 40 to 50 percent of marriages end in divorce), O’Leary says he cannot wait to start promoting the company, touting the importance of responsible monetization of divorce.
At any rate, we hope they don’t pull a SwanLuv and bite off more than they can chew.