Despite a general trend of decline in recent years, figures released by the Office for National Statistics (ONS) show an increase in divorces in the UK for the first time since 2003.
In 2010, ONS figures show that there were 119,589 divorces in England and Wales, an increase of 5% from 2009.
With around 230,000 marriages in England and Wales in 2010, this figure represents more than 50 percent of the number of weddings in the same period.
Some commentators speculate that the tough economic climate and recession in 2008 and 2009 put a financial strain on many relationships with many couples arguing about money and worrying about job prospects.
With many unable to afford to separate, we’re perhaps only now beginning to see a rise in the number of divorces that are a consequence of the tough global economy.
Whilst wedding insurance can cover you against unforeseen financial issues with your wedding, it doesn’t extend to ‘cold feet’ on the day or problems after you get married.
Perhaps surprisingly, a number of companies in the UK have sprung up offering some form of insurance against divorce. Following the trend across the Atlantic and even suggested by Ministers last year, divorce insurance can help to cover the legal costs of an expensive divorce.
It’s pretty unheard of at the moment, but if the divorce rate continues to rise and the Government scraps legal aid for divorce lawyers (as they’ve suggested they may do), we may well see sales of divorce insurance increase too.