11 August 2011
Divorce Insurance anyone? Sheena Mahal discusses
According to The Economist, law firms in England, America and other European countries are offering clients ‘divorce insurance’ as a result of the landmark Supreme Court ruling in the case Radmacher. As you may already be aware, this case upheld the enforceability of pre-nuptial agreements. It is intended that this insurance will cover litigation costs in the event of a divorce, where one partner challenges the legal interpretation of the pre-nuptial agreement and instigates courts proceedings. Insurance for these contracts are already common in Germany and Spain and are offered by some American employers as a perk!Some may regard the idea of 'divorce insurance' as unromantic and cynical but if you have already taken the precaution of entering into such an agreement, having recognised that a pre-nuptial agreement could avoid the time, expense and animosity experienced in many divorce cases, then you might agree that insuring this agreement is well worth the expense. For those romantics who would simply not entertain such a concept, it is possible for parents of children to purchase divorce insurance in the event that divorce ensues. Now that’s a wedding gift idea I hadn’t thought of!
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