Insurers find more room on the divorce gravy train
The Chinese may be catching up with the western divorce trend but,
hopefully, they are not yet so cynical about marriage as to go for pre-nuptial
break-up agreements -- and now, insurance against contested prenups.
Yes, according to The Economist, couples
about to tie the knot in some European countries and America can buy insurance
cover in case, in the event of a divorce, one partner challenges the legal
interpretation of the prenup and it has to be litigated. (The catchy little
abbreviation, which is standard in the media, makes it sound so normal and
harmless, don’t you think?)
One such challenge came before the UK’s Supreme Court last year, as a
result of which the British government is likely to give formal recognition to
prenuptial agreements, which it has not up until now. But insurance for these
contracts are already common in Germany and Spain and are offered by some
American employers as a perk.
Starting next month, German insurance firm ARAG will offer cover
ranging from 50,000 pounds to 500,000 pounds, with annual premiums from 500
pounds. There are lots of rules. Only solicitors vetted by the insurer can
draft the deals, which have to be regularly updated.
Just imagine: your first baby arrives and you have to contact the
insurance company, reminding yourself that one day there may be a messy
divorce. What a travesty of marriage.
I suppose we have to be grateful that one American divorce insurer is
offering to pay a big bonus to those who stay married for 25 years. “Sounds
like a nice wedding present,” says The Economist.
More like an empty gesture for those who have lost the plot of the
marriage story and who are unlikely to last 10 years with their spouse, let
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