MEMPHIS, TN (WMC-TV) - When it comes to insurance, you can protect yourself against so many things. But what about divorce insurance?
One website is offering online divorce insurance, and it has many people talking.
"The reality is here, within a few years into marriage, after the polish wears off, sometimes there are red flags," said John Logan, founder of Wedlock.com.
Logan opened up Wedlock.com a few months ago. He said he is getting a lot of interest.
Logan said his own nasty divorce gave him the idea.
"I looked around and I realized I was broke, I was losing my home" said Logan. "I can't be the only one this happened to, so why isn't there insurance for this?"
Wedlock.com features a divorce probability calculator, a divorce cost calculator. There is even a counter that tracks divorces as they happen across the country.
The policy itself costs $15.99 a unit per month. Each unit pays out $1,250. After four years, the value increases on each unit to $2,500. For example, if you buy 10 units and get divorced after 10 years, you will have paid $19,188 and get back $27,500.
"This prepares people for the expenses," said Logan. "Not just legal fees, but the setting up of a second household travel expense, child care."
Jonathan Rich, a divorce lawyer with Zashin & Rich, said such a policy is fair game if a client's future ex paid for it during the marriage.
"I would make sure half the benefit was given to my client when the claim was paid," said Rich. "I would make sure it was part of the divorce decree, because it's a marital asset."
Couples' therapist Dr. Ellen Casper said she is opposed to any incentive to call it quits, especially a pay day.
"I just think for a couple making that giant decision to have this kind of future together, I think it puts an obstacle on their path at the starting gate," said Casper.
If you want to know more about divorce insurance, click here.
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