Divorce Insurance May Be a New Trend in Alabama

Posted by Steven D. Eversole | Aug 04, 2011 | 0 Comments

A recent article in the Financial Times suggests that getting divorce insurance may become trendy after companies have begun offering insurance for prenuptial agreements and even the entire cost of a divorce.

It's unclear whether this sort of thing will pick up steam in the United States, but it's always possible. People typically marry because they feel like they are in love and believe a marriage will work. And they divorce for many reasons, stemming from disinterest to adultery. Divorce in Alabama can be an emotional and painful experience, but hiring a Birmingham Divorce Lawyer who can help guide clients through the system is invaluable.

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According to the article, a German paper heiress recently had a prenuptial agreement upheld in England, where they rarely are observed. And because the ruling has made some wealthy individuals nervous, companies are jumping at the chance to cash in by creating policies that would cover pre-nup agreements as well as the full cost of a divorce.

While it may seem a bit unromantic to buy insurance for a prenuptial agreement or the cost of divorce, for people who have accumulated wealth independently or as a result of being an heir to a relative's fortune, these agreements can make the divorce process easier. The truth of the matter is that divorce is a great destroyer of wealth. Couples would do well to consider careful planning. We don't buy a car without a contract but we continue to enter into marriage with few safeguards.

For some, divorce is difficult, but each spouse understands that working together on a collaborative divorce in Alabama can be accomplished, thus making the process more smoothly. In this process, each side agrees on what should be split without court interference. However, some may think that an attorney isn't necessary in these cases. We are. Simply agreeing on certain aspects of a divorce may not be legally binding and can cause one side to get the short end of a stick in a divorce. An attorney should be hired to at least monitor the proceedings and review documents before they become final.

For others, an aggressive approach and divorce litigation in Alabama contested divorces may be required. If each side is unable to talk to each other, let alone agree on who should have custody of the kids, how assets should be split and who will pay off debt, this may be necessary.

Whatever the process, determining child custody and visitation issues is critical, as is determining the best way to avoid divorce taxes and establish a solid financial future.

Discussing your situation and allowing our Birmingham Divorce Lawyers to help you determine the best course of action should be the first step if you have decided to divorce. Allow us to help you as you move forward and begin you new life.

Additional Resources:

Just married? Check your divorce cover, by Lucy Warwick-Ching, Financial Times

About the Author

Steven D. Eversole

J.D., Samford University's Cumberland School of Law, Birmingham, Alabama B.A., University of Alabama, Tuscaloosa, Alabama

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