When it comes to weddings, many people are willing to go all out. After all, many believe that the perfect wedding should include the ideal venue, caterers, an impressive wedding cake, extravagant wedding outfits, a professional photographer, and more!
Wedding expenses have ballooned over the years, with the average couple spending $30,000 on all wedding expenses! Most Americans don’t have that kind of money lying around, which means that this is often racked up as debt.
Planning and executing a wedding can be fun (if stressful), but the real trial begins when it’s time to start paying back that debt. Given tough economic times and unpredictable job markets, how does this impact the stability of a marriage?
Wedding Debt and a Healthy Marriage: Not a Likely Combination
Recent studies have actually given us some numbers into the relationship between wedding debt and marital woes. According to findings by Qualtrics, 3 in 4 couples who went into debt for their wedding reported increased tensions and marital fighting involving that debt. Not only that, but nearly half of all newlyweds who racked up debt for their wedding considered a divorce because of the debt.
This also paints a potential bigger problem: many couples who decide to pay for their wedding via loans and other forms of debt simply didn’t discuss finances or debt before getting married. They don’t often find out about each other’s previous debt burden and general financial health until after tying the knot. This increases the chances of divorce or marital problems significantly, as financial pressure is one of the biggest causes of divorce.
Check in With a Knowledgeable Family Law Attorney
Smart couples plan ahead and use tools such as prenuptial agreements, formal financial plans, and more to promote a healthy union. If you’re looking to get married soon, it might be in your interests to check in with a family law attorney and ensure that all the financial aspects of your upcoming union are properly accounted for.
We hope this post provided some useful information about how finances can have an effect on your marriage! If you want to learn more, remember that we at the Law Office of James P. White are here to answer all your questions.
Book a free initial consultation with a reputable family law attorney today! Give us a call at 925-271-0999 to learn more.