Company Offers Divorce Insurance To Married Couples + cost - Zukerman Law

Company Offers Divorce Insurance To Married Couples

British Columbia residents may be interested in a novel idea that one company says might protect individuals from financial difficulty if a divorce occurs. A U.S.-based company is the first to offer “divorce insurance,” allowing couples to pay monthly premiums in order to fund the legal fees that come with a divorce if the couple were to end their marriage.

The owner of the company, who is a divorcee himself, says that he wishes the service had been around when he had been married. As it stands now, a divorce insurance policy would get the couple $1,250 in divorce legal coverage for every $16 paid every month. The couple must also stay married for at least three years in order to be eligible for the benefits payout.

The company may have a product that is worth looking into. Statistics from a 2008 study show that the Canadian divorce rate is around 38 percent before a couple’s 30th anniversary. However, there may be some difficulty in bringing up the subject, particularly at a time of great optimism like the beginning of a marriage. Much like the issue of prenuptial agreements, which may seem similarly unromantic, it may take some convincing and careful dialogue to establish an agreement for such a policy. However, with the potential cost of a divorce may be very high, and this type of insurance may protect both parties’ financial future.

Couples who are looking to get a divorce or separation may find working with a lawyer helpful. A lawyer may be useful in drafting separation agreements or might represent a client throughout the process, including during any negotiations of spousal support and division of family assets.

author

Stuart Zukerman

Stuart Zukerman, a graduate of the University of British Columbia, has over 32 years of experience in litigation with a focus on Family Law, Personal Injury, Wrongful Dismissal claims, and Collaborative Divorce & Mediation. He has extensive trial experience in divorce, child custody, spousal support, asset division, and ICBC injury claims. As an accredited Family Law Mediator, he helps resolve disputes without court intervention. Stuart has also authored papers on family law and lectured at CLE courses.