There are so many i's to dot and t's to cross in a divorce. When kids enter the picture, the details really seem to pile up, and every one of those details plays a role in determining what is in the best interest of the children. Some of those details are related to insurance, and while most people need insurance very few really want to think about it.
This is the time of year that employees find themselves going through their benefits packages to choose a health plan, to sign up for life insurance and to take care of what amounts to a huge financial outlay for some peace of mind for the coming year. When a couple is divorcing, though, those benefit elections get tricky. In fact, every insurance need for the family requires much closer examination, especially when there are children in the mix.
June is the month when people linger on coffee shop patios, often listening to others chat endlessly about summer plans. Not surprisingly, many of those plans involve weddings. When the skeptics among us find themselves sipping a frappuccino outside of a Libertyville Starbucks and listening to brides- and grooms-to-be talk about all the details that go into a wedding, these skeptics are asking themselves two questions. First, do these anxious and excited soon-to-be-marrieds know it's very likely they'll end up divorced? And, second, do they have insurance?
It would be a great idea if you could buy insurance against divorce -- something with a higher deductible for marriages that didn't last long, or rates that adjusted up or down as your children grew up. Teenagers add more stress to a household, so the rates would be higher to cover the increased risk of splitting up. Rates and deductibles could also be different for couples that choose divorce mediation over litigation.