By The Law Offices of Ronald H. Kauffman of Ronald H. Kauffman, P.A. posted in Divorce on Monday, December 21, 2015.
A new startup will pay for your wedding. But there’s a catch: If you divorce, you pay them back with interest. Can you protect yourself from divorce?
According to Census Bureau statistics. Roughly 40% of first marriages in the United States end in divorce, nearly 66% of second marriages and 75% of third marriages are dissolved in court.
But there are a few options out there for those worried they’ll end up on the wrong side of those statistics.
Swanluv is a company that will fund your wedding. The cost of walking down the aisle surges. A survey of 16,000 brides by TheKnot.com, found that the average cost of a wedding was $31,213.
Swanluv reviews your relationship, and sets an interest rate based on your compatibility. Swanluv won’t directly profit from the breakup. Cash from divorces cover someone else’s future wedding. Swanluv plans to sell advertisements to generate revenue.
SafeGuard Guaranty Corp., is selling one of the first world’s first divorce insurance product. Here’s how its WedLock product works.
The insurance provides cash for the legal proceedings, or the cost of a new apartment or house. It is sold in “units of protection.” Each unit costs $15.99 per month and provides $1,250 in coverage. So, if you bought 10 units, your initial coverage would be $12,500 and you’d be paying $15.99 per month for each of those units.
Professionally, there is only one way to truly hedge your bet. Postnuptial and Prenuptial agreements are an issue I frequently write about. These kind of agreements protect your assets and income from a claim by your spouse in the event of death or divorce.
In the event of your death, even if you don’t make a provision in your will for your spouse, Florida law may give your spouse certain rights to a share of your estate.
If your premarital assets are significant, you can ensure that your spouse will share in it only as much as you wish should you divorce or die. This protects you and the inheritance of your children from a prior relationship.
Agreements protect your income earned during the marriage. For instance, without a prenuptial agreement, you could have to pay alimony to your ex-spouse. An agreement can set that amount – or eliminate it.
Danielle Paquette’s article on Swanluv can be found here.