Transcript for 'Fairy Godmother' 'Levels' Financial Playing Field for Divorces
Meet nicole knewman, a.K.A., The divorce fixer. Women will be at a point in their lives, where it seems hopeless. They have nowhere to turn. Reporter: The 34-year-old, is a former matrimonial attorney turned divorce financier. The company where she works provides loans to help pay for living expenses and to fund a good divorce lawyer. My ex-husband controlled all of the marital finances. Reporter: This woman says she got a loan through noonan's company. She asked us not to reveal her identity because she's going through a divorce. It wasn't until we started going through the divorce procees and the bills started adding up. Reporter: She's among the dozens of clients that noonan says the firm where she works has taken on. People who are considered asset-rich but cash poor. They have assets, but they come into them in the future. We want to bridge that gap and get some capital and money now. Reporter: The typical loan is about $250,000. The firm charges between 12% and 20% interest. We get out of the sale of property. We get paid out of a split in the i.R.A. Reporter: While some critics say it drags out the process and could cost the client even more money. But regina calls it genius. If you have filed a petition and you need to start paying rent, and finance your living expen expenses, you have to find a treasure chest somewhere. People will settle because they don't have the money to fight. Reporter: That, the divorce fixer says, is where she comes in. We level the playing field for our clients. Reporter: How so? We give them the ability to go into court. Not getting less than what they deserve. Reporter: The company has an array of clients. Not just millionaires. But they say the majority of their clients are also women. Thanks. Let's get to dan abrams for more on this. Good idea? Well, look. It's a -- an interesting, novel business. As a business from a lawyer's perspective, it's a great business. She's only going to take the cases where she can make money. I'm going to take a percentage of that settlement. The notions that a lot of people next door is hard to believe. I have to believe that the only way for the lawyer to make a lot of money is in cases where, in theory, the husband has a lot of money to take. Or something on the interest in the meantime, while they're waiting. What are the pitfalls? First of all, I want to mak sure this doesn't lead to more people fighting it out. The ultimate goal should be a settlement and to get it done with. And my concern is, you have people with the loans out there who are going to want to fight it out and fight it out because they've got money at stake now. It can't good for anyone. That's right. Mediation is the best, cheapest way to go. And divorces are so personal. You forget about that. This is looking at it from a business perspective. When I say it's a business, it's a good idea. But on a personal level, there's some real dangers here. But the women have to make sure that they knew what the fees are. What's the amount we're talking about? There's going to be more people who start doing this. So, shop around. People who are going to take advantage of that. You have to be careful in this kind of business. You don't want to end up in debt. Right. That's the very reason you're going for it. They say they won't take anything if you don't get a settlement. And an emotional cost. That's the real thing.
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