Getting married is a milestone most people would like to reach, but what if you want a back-up plan just in case things turn sour?
Divorce insurance can help you out. A brand new policy that started in August is now available for those who aren't so sure their romance will last forever.
Wedlockdivorceinsurance.com is the website now offering the policies. The brain child behind the site is John Logan, who we interviewed over skype from North Carolina.
"It's very similar to any other casualty insurance," said Logan.
According to the Wedlock website, for just $15.99 a month, your Wedlock Divorce Insurance policy can give you from $1,250 up to $250,000, depending on what policy you choose. If you want to cash in, you have to stay married four years, and the money is for the person paying the policy -- so you would collect as the beneficiary. The maximum payout is $1.25 million, but you would have to stay married 25 years for that.
"I would say about 55 to 58 percent of people who get married get divorced," said divorce attorney Nadia Valdes. Considering those numbers, Valdes said divorce insurance could be considered a viable option for some -- almost like an investment -- as $20,000-$30,000 is the average amount a couple pays in legal fees for a contested divorce in Florida.
Valdes believes there are a few questions left unanswered when it comes to this divorce insurance policy. She provided us with some tips as to what you should think about before dropping your cash:
1. What happens if you never get divorced? Where does the money invested go? Would a person have to get divorced in order to get the money?
2. What are the legal implications if one spouse is the major bread winner in the relationship and the premiums are paid from marital funds?
3. Does this make the insurance proceeds and/or the payout a marital asset? Or should you include this asset in your pre-nuptial agreement if you decide to have one?
Of course, there are still some who think the idea of divorce insurance is just plain unromantic.
"Oh no, I would never. What's the point? Why get married?," said Margene Munoz when asked if she would accept a man's proposal only under the condition that he be allowed to get divorce insurance.
Recently wed Angela Murcia is not so fond of the idea, either.
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"What if we need money in 20 years, it's like we get divorced to get the money," said Murcia.
Doral jeweler Rafael lendoiro sells lots of wedding rings, but has a different take.
"At 20, I don't know if I would do it," said Lendoiro, "but at 46 it's certainly something to talk about."
