British Columbia residents are likely aware that legal fees can mount quickly when disputing parties are unable to reach an agreement. Divorces often become contentious when spouses become entrenched in their positions, and this can lead to protracted and financially taxing legal battles. Because of this, a North Carolina company offers an insurance policy for such costs to married couples.
Statistics reveal that more than a third of Canadian marriages end in divorce, so this type of insurance may be helpful to a large number of people. In some cases, spouses pay $16 every month for every $1,250 in coverage, but the insurance cannot be used until the couple has been married for three years. To drive home the benefits of this kind of insurance, media reports reveal that a calculator is provided on the insurance company’s website to estimate the costs of a divorce. The calculations include easily overlooked items such as moving expenses and counselling.
The man behind the insurance provider divorced over a decade ago, and he says that his experience led him to develop the unusual coverage. The man says that he plans to offer a bonus payment to couples that remain married for 25 years.
Divorcing spouses would be wise to consider the cost of protracted legal action when negotiations over thorny issues such as child custody and property division become heated. An experienced family law lawyer might understand how discussions become difficult when emotions run high, and they may be able to help spouses to find a compromise when such an outcome seemed unlikely. However, a lawyer could also advocate vigorously on behalf of their clients when such an understanding remains elusive.