Charlotte Divorce Lawyer Blog
Now you can buy divorce insurance to cover your divorce attorney fees. The average cost of an American divorce this year ranged from about $15,000 to $30,000. As a result, the North Carolina-based insurance company SafeGuard Guaranty Corporation is now selling a divorce insurance product called WedLock. A unit of WedLock runs insureds $16 per month and provides $1,250 to cover expenses such as legal proceedings. Insureds can buy multiple units, and for every year they keep their policy, SafeGuard will reward them with another $250 of coverage for each unit they own.
How does WedLock work? When a married couple files for divorce, the policyholders simply send in their divorce papers to receive cash from SafeGuard. To prevent spouses who are already planning a divorce from working the system, SafeGuard require at least 36 months from the effective date until spouses can claim their coverage.
On its website, SafeGuard provides a Divorce Cost Calculator and a Divorce Probability Calculator for those who are unable to decide whether they need to procure divorce insurance.