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Financial Security After Divorce

Financial Security After Divorce
Written by
Guest Author

Surviving divorce is tough, going forward with financial independence and peace of mind is even tougher! However, an innovative company has just launched a new insurance product which will take away that insecurity.

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The first of it's kind, “NEW START” offers income protection to recipients of maintenance, following divorce.

An average 140,000 divorces occur in the UK each year, with more than half involving children, and evidence shows that a growing number of women are reliant on their former partners to provide for themselves and their families. Women in this position not only have to deal with the emotional trauma that comes with divorce but they find themselves struggling with a smaller income which isn't even guaranteed. This potentially puts them, and their children, at much greater risk of hardship, and even poverty.

Most responsible parents want to honour their maintenance agreement, however acrimonious the split, for the well being of their children. All too often, however, due to circumstances beyond their control, this is not always possible. What happens if the maintenance payer is struck by illness or disability, or even dies? In the current climate, redundancy and unemployment are all too common.

Perhaps the maintenance payer no longer feels inclined to provide for his former partner, or has started a new family who require financial provision? Whatever the scenario, the parent in receipt of maintenance is in a very vulnerable position and is unlikely to have funds to chase defaulted payments.

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With all of this in mind, the “NEW START” Insurance Scheme was born. “NEW START” offers a choice of two competitively priced packages, standard and gold, which provide cover in the event of the maintenance payer being unable to honour their maintenance payments. This could be due to illness, disability, death, unemployment or redundancy. Perhaps more crucially there is also legal expenses cover which would come into play in the event of wilful default. For additional support and advice “NEW START” also provides a free legal helpline.

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“NEW START” can be purchased by those who are already divorced, but the optimum time to secure the cover is when the consent order is being processed. The purchaser is not required to provide details of their former partner's health and financial status so the application can be completed very quickly and easily, online at www.maintenanceassist.co.uk. In situations where the divorce has not been finalized, some clauses are included within the consent order which, in the event of a claim, will allow the insurers to respond swiftly. This product is of benefit to both parties. All too often money becomes a bargaining tool and, if there is less in the pot, a very destructive weapon. All parents want to be able to provide for their children and in the aftermath of divorce, financial security is all the more vital. With “New Start” both parents can relax in the knowledge that should illness or unemployment strike, the maintenance will be protected.

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A big concern for women dependant on maintenance is the possibility that, perhaps due to a new partner or children arriving on the scene, the commitment of the maintenance payer will become less reliable. In the past, a woman in this predicament would be at the mercy of the State which all too often resulted in a lengthy and unsatisfactory outcome. The Child Support Agency has not been the success it was hoped to be and the UK government is now encouraging private initiatives. “NEW START” provides just such an initiative. It gives access to real funds, and helps a woman in this situation to regain control without delay.

“NEW START” has been designed to alleviate hardship and empower single parents who rely on maintenance to provide a secure environment for themselves and their children. In an ideal world no divorce should be processed without it.

To find out more, visit the "NEW START" website.

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