Legal Information Centre
24 September 2010 by Orla Mackle
Divorce Insurance - the secret to happily ever after?
Wedlockdivorce.com, which launched over the summer, is offering the new type of casualty insurance for when those deciding to untie the knot as the cost of divorce lawyers rockets.
CEO John Logan told the press that there was a very practical reason behind the set up - his own bitter divorce battle with his wife which left him with a vast amount of debt.
As a way of preventing the consumer from taking out divorce insurance just as they were deciding to call it a day, the online scheme has a policy that means that couples have to pay for at least four years in advance before any pay-out in the event of marriage termination.
Renowned relationship coach Mimi Daniel told Time Magazine in a recent interview that investing in such insurance would start marriage off on the wrong foot and could become a self-fulfilling prophecy.” The best insurance against a painful, financially devastating divorce is to find a way to be happy in your marriage…divorce insurance implies from the beginning that divorce is already an option."
Logan is optimistic about his new innovative insurance which he suggests could be part of a pre-nuptial contract or a gift to the bride and groom from concerned relatives or friends. "Mom or Dad could buy this for their son or daughter without them knowing about it," he suggests.
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