Couples in Pennsylvania do not usually plan for a divorce when they begin their marriage, but if it does come, it might have a significant effect on their financial situation. However, while couples cannot usually just take out an insurance policy against the financial impact of divorce, there are ways to create some of the same protections.
Creating your divorce insurance policy
The costs of divorce can include paying for legal counsel and for court fees. Depending on how contentious the divorce becomes, these costs can become very high. But financial costs can also be associated with mental health and other services for each spouse and their children. Some of the other products that can be combined to create a sort of divorce insurance policy include:
- Insurance policies that include the possibility of paying for some legal fees or legal counseling and representation, for example, when it comes to child custody and support issues
- Discount plans for legal fees from lawyer networks that might offer free initial consultations, payment plans or lower prices for some services
- Health insurance plans that cover mental health counseling for you and your children
Some alternatives to costly traditional divorce
Though not exactly an insurance policy, another way you can protect yourself from some of the financial impact of divorce is by opting for a collaborative divorce. In this type of process, the two parties work together in a series of sessions to work out the details of their divorce settlement. In many cases, the parties reach an agreement on their issues in a few sessions, resulting in an amicable, quicker and less costly divorce.
Though the ideal divorce insurance policy does not exist, there are other ways to plan for what might happen. Between using several other insurance-type products and the collaborative process, you might help yourself prepare for a more stable life after divorce.