By Nathaniel Goehring
Novitas, a UK-based matrimonial financing company, has tapped divorce attorney Nicole Noonan, JD to take charge of its newly formed US operations. Novitas UK provides over 400 law firms with funds for divorce proceedings, and now Founder and Managing Director, Jason Reeve, has his sight set on exponential growth of the company’s market share in the United States. Reeve commented, “Having Nicole Noonan, who is both a top lawyer and a leader in her field, who has immersed herself professionally in every aspect of divorce law, was essential.”
As the former founder and CEO of National Divorce Capital, Inc., Noonan was the prime candidate for the job. “I think Novitas US can become even bigger than Novitas UK,” says Noonan, regarding plans for the future. Dubbed “The Fairy Godmother” of divorce for her prowess in financially aiding divorcées to help them negotiate favorable settlements with their more-moneyed spouses, Noonan does not take her moniker lightly. “It’s an honor. I try to live up to it every day,” she says.
Practicing divorce law during the time of the US housing market implosion, Noonan saw how essential outside cash infusions could be from both the viewpoint of the law firm and the litigant. “I heard that this service was available in the UK and I saw a need for it in the US,” she says. “I was aware of Novitas and I was impressed by their streamlined way of underwriting potential business. It’s all web-based and simple as possible from an attorney/client perspective.”
As CEO of Novitas US, Noonan does not provide legal or financial advice. Those decisions remain between lawyers and their clients. To ensure each client’s ability to repay Novitas, pending a favorable settlement, Noonan and her colleagues evaluate the entire marital asset pool as well as the individual substance and reputation of the attorney in question. There is the possibility of a lost investment in cases that do not resolve the way in which Novitas predicts. However, Noonan explains with complete confidence, “Those cases are few and far between. If you do your due diligence, it shouldn’t be an issue.”
Clients often do not have the liquidity to engage in divorce proceedings or to afford living expenses such as mortgage payments, school tuition and other personal costs during the proceedings. Novitas funds can “level the playing field,” enabling litigants to fund their attorney and expert fees while maintaining their standard of living. Repayments are not made until an equitable settlement is reached. Novitas is designed to provide funding so that no one is forced into a settlement less than they deserve, and both men and women turn to Novitas to be empowered with funding.
Divorce funding recently made headlines with the high profile case of billionaire hedge fund manager Steve Cohen’s divorce. However, as Noonan stated, “My challenge is not providing the funding, it’s getting people to know this resource even exists.” In an age where 50% of marriages end in divorce, it seems as though there has never been a better time to spread such awareness.
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