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Divorce Attorney Fees Paid by Divorce Insurance

Now you can buy divorce insurance to cover your divorce attorney fees. The average cost of an American divorce this year ranged from about $15,000 to $30,000. As a result, the North Carolina-based insurance company SafeGuard Guaranty Corporation is now selling a divorce insurance product called WedLock. A unit of WedLock runs insureds $16 per month and provides $1,250 to cover expenses such as legal proceedings. Insureds can buy multiple units, and for every year they keep their policy, SafeGuard will reward them with another $250 of coverage for each unit they own.

How does WedLock work? When a married couple files for divorce, the policyholders simply send in their divorce papers to receive cash from SafeGuard. To prevent spouses who are already planning a divorce from working the system, SafeGuard require at least 36 months from the effective date until spouses can claim their coverage.

On its website, SafeGuard provides a Divorce Cost Calculator and a Divorce Probability Calculator for those who are unable to decide whether they need to procure divorce insurance.

Watch a video news report on divorce insurance on CNN.com.