Getting A Divorce In The UK – Should You Get Insurance?

Though some may find it depressing, you are now able to insure yourself against divorce.

Over the last few years, an increasing number of couples have chosen to draw up a prenuptial agreement before they marry with prenuptial agreement solicitors. Though in the past these agreements have had some weight in the courts, it is only very recently that they have started to stand as definitive legal documents.

Last year, the marriage laws in the UK were completely revised after a landmark test case. The case centred upon Katrin Radmacher, a £100 million heiress, and her husband. Before the couple married they put together a prenuptial agreement. This agreement stipulated what each partner stood to receive should the marriage end.

When the marriage did come to an end, Radmacher’s husband contested the agreement after he claimed that he was not aware of the extent of his wife’s fortune.

After a legal battle lasting over 4 years, the courts finally ruled that the prenuptial agreement should stand and that Katrin Radmacher should retain control of her own fortune.

What this ruling means for those getting a divorce in the UK is that the conditions of that divorce could be firmly agreed before the couple are married.

Unsurprisingly, many have claimed that this takes the romance and value away from the vows of marriage. Others however have welcomed the hearing claiming that it makes marriage a much safer financial option.

Insurance Against Divorce

With this ruling it has now been made possible for companies to offer insurance against divorce. In order to assess the risks associated with those getting a divorce in the UK, insurance companies needed something concrete. This new ruling means that they are able to assess the risks involved based on the contents of the prenuptial agreement. Using this information, insurance companies are able to calculate their premiums.

On the 6th September 2011, ARAG legal services became the first company to offer divorce insurance to those wanting to protect themselves against getting a divorce in the UK.

Though there are many who disagree with this insurance based on its apparent contradictions to the vows of marriage, the insurance market argues that it is simply supplying a demand. There are many couples who will choose to take out insurance against divorce. From a purely financial point of view, it makes as much sense as any other insurance policy.

When it finally comes to divorce, it is important that a specialist divorce solicitor is employed to ensure the best outcome for all involved.
 

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