Divorce Insurance..

[Demodulate]

Thoughts?

http://marketplace.publicradio.org/...otect-yourself-from-a-divorce-with-insurance/

 

[Warrior74]

here was a study done at Ohio State a few years ago that show people on average lose 77 percent of their net worth after a divorce.

Wow.

VIGELAND: And have you had any occasion to make use of your creation? Have you remarried?

LOGAN: No. I'm actually engaged though.

VIGELAND: Oh, well congratulations.

LOGAN: And both of us will have a divorce insurance policy.

VIGELAND: You will. And what does your fiancee think of that?

LOGAN: This is her third time around, so she's all for it.

VIGELAND: OK. Experience teaches.

Apparently, experience didn't teach him enough.

http://www.timesonline.co.uk/tol/money/consumer_affairs/article675801.ece

Between this and Divorce loans for women so they can mount a strong attack on your assets, A man of means would have to really think about why exactly he is getting married again.

 

[synergy1]

insurance is a hedged bet in a society where outright loss would be too much of a burden on the average person. More insurance in my mind means erosion of what the average person can afford. Could anyone afford to go to the doctors, dentists, or drive a car without this downside protection? Probably not. I am not at all surprised someone would come up with divorce insurance, its actually a good idea given the divorce rates. In a way though, its a sad telling that no one can really afford anything anymore.

I am 30 and am seeing less and less reason to ever get married. Of course with lawyers abusing the power of state, some are trying to push for cohabitation laws too. Friggan figures. Soon you'll need insurance insurance in case you cant afford insurance on your insurance for cohabitation.

As much as I hate to pull a bigjumbo...maybe its time to consider other options other than the good ole red white and blue.

 

[KarmaSutra]

Soon you'll need insurance insurance in case you cant afford insurance on your insurance for cohabitation.

Nicely said Brother.

:rockon:

 

[Warrior74]

Soon you'll need insurance insurance in case you cant afford insurance on your insurance for cohabitation.

Pimp my insurance.
http://img217.imageshack.us/img217/8667/yodoginsurance.jpg

 

[backbreaker]

wow. i might actually get this. never know. will look into it more next week. thanks for the link my man

 

[Bible_Belt]

a study done at Ohio State a few years ago that show people on average lose 77 percent of their net worth after a divorce.


50% is from the splitting of joint assets. I'm guessing much of the rest is from having to establish a new residence.


And the way that this works is that you buy it in units of coverage. Each unit covers you for $1,250 and each unit costs $15.99 per month. So you can buy anywhere from one unit -- or that $1,250 -- all the way up to 200 units, which is a quarter-million dollars.


The problem is that if the insurance was accumulated during marriage, then it is joint marital property. Even if you buy this stuff, your ex-wife will get half of the insurance payout upon divorce.

Upon further reading, the company selling this stuff insists that it has no cash value until payout when the divorce is final. I don't think a judge would agree. If a judge is setting alimony and child support, as well as dividing assets, if one side has a $250,000 payout coming as soon as the gavel comes down, there's no way in hell that a judge would ignore that money.

 

[zekko]

50% is from the splitting of joint assets. I'm guessing much of the rest is from having to establish a new residence.

I'm guessing paying the lawyers.

 

[backbreaker]

a study done at Ohio State a few years ago that show people on average lose 77 percent of their net worth after a divorce.


50% is from the splitting of joint assets. I'm guessing much of the rest is from having to establish a new residence.


And the way that this works is that you buy it in units of coverage. Each unit covers you for $1,250 and each unit costs $15.99 per month. So you can buy anywhere from one unit -- or that $1,250 -- all the way up to 200 units, which is a quarter-million dollars.


The problem is that if the insurance was accumulated during marriage, then it is joint marital property. Even if you buy this stuff, your ex-wife will get half of the insurance payout upon divorce.

Upon further reading, the company selling this stuff insists that it has no cash value until payout when the divorce is final. I don't think a judge would agree. If a judge is setting alimony and child support, as well as dividing assets, if one side has a $250,000 payout coming as soon as the gavel comes down, there's no way in hell that a judge would ignore that money.

but if he can prove that it's not a joint asset, why would he have to split it? in other words, let's say

BB's girl is having an affair. she empties the account and takes the kids because she's in relove lol. if BB can go to court and prove he and he alone made all those payments, you can't tell me that the judge is going to let him g aside money like that, after what she did.

that's the way I see it. it's not asset protection it's more like, cover my as in case my girl is physo crazy insurance. we don't' want any more stories about guys living with parents and ****. that's all this is IMHO. I don't want to; have to worry about how i am going to budget in lawyer fees and stuff. i'm not trying to start a new life, it's not new life insurance.

 

[Warrior74]

Only a fool would inform his wife that he has this policy. And I would imagine it's technically not an asset at the time of the divorce proceedings, only after its finalized.

 

[Bible_Belt]

but if he can prove that it's not a joint asset, why would he have to split it? in other words, let's say

BB's girl is having an affair. she empties the account and takes the kids because she's in relove lol. if BB can go to court and prove he and he alone made all those payments, you can't tell me that the judge is going to let him g aside money like that, after what she did..

Any asset accumulated during marriage is a joint asset, period. It does not matter who paid for it. The only exception to that rule involves having a prenup that sets aside a business that existed before the marriage, the other spouse never having access to anything to do with the business, the asset staying entirely within the business, and some fine lawyering throughout the process.

Those last four words you wrote represent a very common misunderstanding about divorce. "Fault" is a thing of the past. Every state has adopted no-fault divorce. That means it does not matter if you catch your wife turning tricks on the street corner, she still gets half.

Only a fool would inform his wife that he has this policy. And I would imagine it's technically not an asset at the time of the divorce proceedings, only after its finalized.

That is a good point about hiding the policy from your wife. You'd have to manage paying the bill every month without her noticing. The technicality about the value of the policy during divorce proceedings is the real legal issue. It's only a matter of time before the answer becomes established. But judges look very unfavorably upon any attempt by a spouse to hide assets. If they think you're lying to them, they'll charge you with felony perjury.

 

[backbreaker]

The only draw back I see..15 bucks a month for 1250 in coverage? man that's not a hell of alot. I would want at the very least 20 grand, for lawyers, to rent a place for a few months in case of a housing issue, etc. you would basically be paying 320 a month if you wanted 25k in coverage.

If I could get 25k coverage for like 100-125 a month, I might do it. But 300 is just too high imho.

Let me ask you this BB since you seem to be on top of this stuff. I bougt the house I live in now in mid 2009, well before we were engaged, but we were dating. My name is on it, not hers, I have the title. It's my house.

I have always assumed, that if **** hit the fan, at the very best we would end up splitting the house simply because she was living with me if we moved. I mean I don't plan on it hitting the fan but I mean, I'm just too pragmatic to not think about these things. I know she can't touch the money in my savings account because i had that years before I met her. I would be more than happy to give her the business that I started, because I know she couldn't do anything with it but try to sale it, she defiantly couldn't run it. She gets a check every month from a trust fund, I don't know if that would have anything to do with her getting money every month from me or not, it's enough to live off of, and I would want to give her a some money for my son because well he's my son.

so the worst i see with my assets being as they are now, is she getting the car she drives which is a 2003 mercedes convertable, although it's technicaly mine, i'll just concede that, a check for my son every month, probably splitting the business and probably splitting the house.

My house is too big for one person anyway, it's 3 bedrooms I'd want to move and get a loft if I were single again so I have no qualms about selling the house although I would have.. see that's what get me. I paid for the house, i paid 100% of the house, that would be pretty ****ed up if i had to split the sales cost simply because she lived with me.

But all and all I would not come out too bad as long as the money in my savings account is not touched, I can live with anything else.]

While I think I m' making a great decision, at the same time I refuse to be the guy going to his attorney and getting the news that you have to hand over half your savings account because of X law or something and if that is a possibly I need to get with an attorney and figure that out. something i have been planning to do anyway but i have a few months still.

 

[Bible_Belt]

Based upon everything you have said about your fiancee, I think that you are making the right decision to marry her. Planning for the worst and expecting the worst are two different things.

Having said that, you need a prenup. The prenup will set aside your pre-marital assets and take them off the table in the event of divorce. The prenup is her agreement that your bank account, house, and business are your individual assets. Don't put her name on the account or house or let her have anything to do with the business. On the other side, you would waive all future claims to any of her trust fund money. It helps that she gets that money, because you shouldn't have to pay alimony. A good prenup is fair to both sides - that's what helps it stand up in court.

Child support is irrelevant to prenups, because it is set by the state. It cannot be waived via contract. Expect 20-25% of your income.

 

[JT7890]

Goodness, if you need a pre-nup, countless attorneys, AND divorce insurance, why are you getting married? Shouldn't the NEED to even get all of those things tell you something about the current state of the dating, family, etc.?

The shyt is WAY to hostile to do. Marriage is a very bad idea in 2011, I'm sorry. The concept of a family is a bad idea, you could literally wake up and the girl has lost interest. The women have no real REASON to stay with men anymore, so if they aren't "feeling" it anymore, what's stopping them from just walking out the door with the kids, assets, etc.? Or if she doesn't just leave, she could do things to piss you off and push you away to leave.

Unless somebody else has any other ideas, I'm going to stay unmarried and childless for as long as possible.

 

[Pierce]

It's funny too because males always fall for this trap. If you marry a woman who is wealthy she will ALWAYS get a pre-nup!! But for the other 90% where the male makes more then the female they don't get a pre-nup and whats happen?? The man gets poorer while the female gets richer. Society is ****ed up but we can't be stupid. To be honest I wouldn't get married unless I know for sure I am going to spend the rest of my life with her. But nowadays that's near impossible with the divorce rates. Bottom line is get a pre-nup.

 

[JT7890]

Pierce, even a well prepared prenup can be DESTROYED by a very good attorney. There's no way to really prepare for the shyt.

 

[backbreaker]

Based upon everything you have said about your fiancee, I think that you are making the right decision to marry her. Planning for the worst and expecting the worst are two different things.

Having said that, you need a prenup. The prenup will set aside your pre-marital assets and take them off the table in the event of divorce. The prenup is her agreement that your bank account, house, and business are your individual assets. Don't put her name on the account or house or let her have anything to do with the business. On the other side, you would waive all future claims to any of her trust fund money. It helps that she gets that money, because you shouldn't have to pay alimony. A good prenup is fair to both sides - that's what helps it stand up in court.

Child support is irrelevant to prenups, because it is set by the state. It cannot be waived via contract. Expect 20-25% of your income.

I'm not worried about child support, she's alot like my mom in that sense and I'm alot like my dad, you don't have to make me take care of my kid. my mom never bothered with child support because my dad was always there for me financially and I never wanted for antyhing, and there was no sense in bringing in the government. Even so I don't get a set income, she woudl be screwing herself. My dad lol owns a janitorial service, and becuase my litlte bro's mom isn't as good natured as my mom is, he put the business in my uncles name. quite smart. It was his protection against anyone trying to take him to the cleaners and it worked. He makes okay money at the airline but his bread and butter is his janitorial business. That's like a $5k difference a month in income. But no one every complained becuase we were both freaking spoiled rotten until we got out of high school. Everyone wins.

That's what shocked me growing up. my dad, had a BABY by a different woman for crying out loud and they had the most amicable divorce ever. one day dad just got up and left lol. that was that. no money changed hands, no selling of the house, nothing. As I got older I thought this is how everyone was, not so.

 

[Pierce]

People are so messed up in this country. How can someone that loves someone so much that they'd get married do that to the same person they got married too?

 

[backbreaker]

because, most people aren't in love. it's really that simple. it's just the next "phase" of grown people relationships.

It's not so much, women are heartless, but men dont' do a good enough job screening, get that whiff of new *****, the rush of a new relationship, the pressure and they don't have enough of a back bone or are just too stupid to realize what will happen or what could happen.


My dad, has been married, 4 freaking times, 4. he has humped alot of women but married 4 women, and never has paid a dime to a woman in allomony, never paid a dime in government forced c hild support, never had to sale his house. none of htat, becuase he screens the women he marries. If **** hits the fan, it just hits the fan My mom has been married twice, she just got divorced a year and a half ago. when she decided she wasn't happy, called her real estate person, got a house, called the moving people, that was that lol. no muss no fuss, no give me half


Let me provide some perspective. An associate horse trading woman of ours, she is like, 53 years old, nice woman. Husband is a serial entrapnurer. she married him, what, like 30 years ago. She doesn't make alot of money if I had to guess like 2500 a month. He is the serious bread winner in that family, 4 kids, all in college,they bought their house together, etc. Well, like 4 months ago, te guy, who is like 57, ran off with a woman about 30 years old.
Dude has money by the way, well in 7 figures. Now he wants a divorce.

you know what.. in that insntance, I have no problem with her getting what she wants. She IMHO desrves that ****. And honestly she really doesn't want the money she wants her "life" back, but she will get her money. She expected to be able to sit back with him and retire and live out their lives on a farm in kentucky but because he decided he wanted a new piece, her life should be ruined? I don't buy that.


On the other hand, take beth lol. Beth, is the bartender who was married that I was banging when I was 21 years old. she was 25, 2 kids. hard working husband, whwen I met him I felt bad actually , good guy. After we were done they soon got a divorce, and she got a check from him every month. That, **** has to stop.

But in reality, he never should have married that skank in the first place, and that's exactly what she was.

 

[Zarky]

And the way that this works is that you buy it in units of coverage. Each unit covers you for $1,250 and each unit costs $15.99 per month. So you can buy anywhere from one unit -- or that $1,250 -- all the way up to 200 units, which is a quarter-million dollars.

You're paying $38,400 per year for a policy that pays out $250,000? Means that if your marriage lasts 7 years or more you've made a bad decision. But if you're entering into marriages that don't last that long, you're probably making bad decisions anyway.

According to Blue Shield of CA, a 35 year old can buy a term life insurance policy in the amount of $90,000 for around $15 a month. (https://www.blueshieldca.com/bsc/findaplan/term-life/ifp_examples.jhtml)

If we take 90,000 and divide it by 1250, we get 72. Meaning, if this divorce insurance is legit, the underwriters are betting that the average 35 year old is 72 times more likely to divorce than die. Kind of interesting.