When most couples tie the knot, they generally do not plan to get divorced at some point in the future. As a result, a large number of married couples fail to plan for the possibility of the end of their marriage. Divorce insurance, a type of insurance that provides individuals with financial payouts in the event of a divorce, may be an effective way for British Columbia residents to avoid the overwhelming legal bills often associated with the end of the relationship.
According to Statistics Canada, in 2008, 38 percent of couples ended their marriages before their 30th anniversary. Although the concept of divorce insurance is not particularly romantic, it is often practical, and the financial protection it provides may come in handy. SafeGuard, the North Carolina-based company and the sole provider of this type of insurance, known as WedLock, hopes to eventually provide couples with benefit payouts when they reach their 25th anniversaries.
Divorce insurance is different from a prenuptial agreement, and this form of insurance can be worked into such an agreement. The developer of WedLock stated that he is not promoting divorce. He believes that since cars, homes and the well-being of individuals are often insured, it seems obvious that marriages should be provided with financial protection as well.
While divorce insurance may augment an individual’s financial situation during a divorce, the process can still be difficult. When couples divorce, they often have to deal with subjects like child custody, property division, and alimony. Since a lot is at stake when it comes to these subjects, it is not uncommon for spouses to work with a lawyer to protect their interests. By working with legal professionals who understand the technicalities of family law, individuals can work towards the results they desire.
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