Wedding Costs Tied to Divorce, Study Shows
They say that money can’t buy happiness, and this apparently applies to wedding expenses. Spending too much on a wedding is more likely to lead to divorce, according to a study of 1,000 people who married in the last decade.
The average cost of a wedding is nearly $34,000. However, 60% of couples spend under $10,000, with 44% spending less than $5,000. These are the reasonable couples.
Then there are those couples who spend tens of thousands of dollars on their wedding, with the premise that the more they spend, the happier they will be. This actually has the opposite effect. Spending too much can lead to marital discord. More than 80% of couples found that repaying their wedding debt was a source of marital strife. Wedding debt was actually a contributor to divorce in 79% of marriages.
Among those involved in the study, more than 12% spent more than $40,000 on their wedding. Another 12% spent between $30,000 and $40,000. Almost 7% spent between $20,000 and $29,999.
Not spending too much is easier said than done. Forty-two percent of couples found that keeping costs down was the hardest part of getting married. Forty-six percent found themselves spending $1,000 to $5,000 more than expected. Five percent spent more than they expected by at least $10,000.
When these costs exceed the budget, the couples are often the ones who take on the debt. Despite the long-held tradition that the parents of the bride pay for the wedding, only 28% of weddings are paid for by families. The others are paid for by the couple in some way, whether it be with cash, credit cards, personal loans or savings.
Don’t Be Cheap Either
While you don’t want to overdo it when it comes to wedding debt, you also don’t want to be too cheap with your nuptials. Thirty-six percent spent less than $1,000 on wedding rings. Ten percent of couples did not have wedding rings involved at all. They were twice as likely to get divorced. Also, divorced people are twice as likely to have spent less than $1,000 on their wedding. Just 22% of the couples surveyed who spend that amount were still together.
The moral of the story? Try to strike a balance. Don’t go into debt over your wedding, but don’t be stingy either. You want to make it a day to remember, but you don’t need the debt to linger on.
Seek Legal Help
Weddings are personal and unique, but they can get costly. While it’s up to you to determine how much you want to spend on a wedding, keep in mind that it’s a good idea to save up money for your new life as a married couple.
Divorces can happen for a variety of reasons, although finances are a huge factor. No matter your reasons for divorce, Fort Lauderdale divorce attorney Edward J. Jennings, P.A. can provide you with effective and compassionate representation. To schedule a consultation, call 954-764-4330 or fill out the online form.