On behalf of The Marks Law Firm, L.L.C posted in Divorce on Monday, October 25, 2010
People purchase insurance for nearly everything these days from boats to homes to life insurance. And now, a self-described entrepreneur has created a way to insure you against divorce. He created a product called WedLock that functions much like any other kind of insurance. People would pay monthly premiums based upon how much “coverage” they would want. Instead of death as the triggering event, the designated beneficiary would receive payment once the divorce has been finalized. The only caveat, you must remain married for at least three years before the policy will mature.
The new product marketed as protection from the often high costs associated with divorce has sparked controversy. Critics have called the product’s creator a “disillusioned man” who created the product as a result of his own divorce he says left him financially ruined. One critic suggested an alternative to divorce insurance for couples contemplating marriage: marriage counseling offered through a number of organizations including the St. Louis Healthy Marriage Coalition.
The critic argues that divorce insurance simply makes divorce easier and more accepted. Premarital counseling provides couples with the tools to prepare for marriage issues like finances, communication and children. The critic admits that with the increasing costs of divorce, WedLock would provide people with protection from negative financial effects including bankruptcy. She claims, however, that the product fails to account for the emotional, physical and mental effects experienced when considering or filing for divorce.
While opinions about the product differ greatly, one thing is for sure is that divorce happens every day and it is important to protect your rights in a divorce whether that means equitable division of the marital assets or an agreeable custody arrangement for the children.
Source: Suburban Journals “OPIONION SHAPER: Couples need to cut divorce rate by investing in premarital counseling” Tyronica Dowdy 10/12/10