You didn't just restore your saves from a CD-R backup, did you? If so, in Windows Explorer select all the files in each save folder, right click, select Properties and clear the read-only attribute.
Check the number of files in the saved game folders (in '..\Divine Divinity\Run\savegames'). Missing files might cause the game to crash when trying to load. In the wastelands a save game folder should have 37 files, and after getting to the Black Ring dungeon it should have 42.
Troubleshooting Tips (& manual install procedure) 
