A recent survey from a major insurance company found that about 45% of couples fall into debt to cover wedding costs. It also found that about half of the studied couples, who were aged 18 to 53, considered getting a divorce because of this debt. Research showed that money was a major source of stress in these relationships. Couples in Minnesota who pay for a wedding on credit cards or other borrowed money can expect the issue to be a possible source of conflict during the marriage.
Married couples who didn’t go into debt to cover for wedding bills experienced much less conflict about money in their relationships. Only 20% of these couples said that they argued about wedding-related expenses. Only 9% of them said that they have contemplated divorce because of money problems. These lower rates of conflict suggest that couples who avoid wedding debt may have more well-thought financial objectives and responsibilities.
While three out of four couples went into debt to cover wedding costs, only one in four felt like they paid too much. The most common regrets about spending centered around food and drink as well as the cost of the venue. Family conflicts were the most common source of wedding stress for all survey respondents. The survey took place online between April and May of 2019.
A spouse who decides to get a divorce due to wedding expenses or money in general has the right to representation from an attorney. Conflict about money during a marriage may translate to disagreements about the division of assets during a divorce. However, an attorney can help their client get a fair distribution of money, property and other assets.