Your wedding was amazing; it also cost you a fortune. Now, the party is over, married life is in full swing, and you have found yourself constantly fighting with your spouse about how you are going to pay down your wedding debt. Debt, of any kind, is a factor in many divorce cases. However, according to a recently published article, those with nuptial debt are more likely to consider ending their marriages than those without it.
There is nothing wrong with wanting a big celebration, but not all couples realize how taking on this debt will affect them down the line. A LendingTree survey found that 76% of newlyweds who took on wedding debt end up fighting about it. At the end of the day, going into debt to celebrate a special occasion may seem fine at the moment, but when it is over, and money is tight, it just adds stress on a relationship.
What do the numbers say?
According to the same LendingTree survey mentioned above, roughly 45% of newlyweds choose to take on debt to have the wedding of their dreams. It appears that half of those couples end up considering divorce because the stress of managing the debt, on top of all the other struggles that can accompany marriage, is too great.
On the flip side, only 9% of those who did not go into debt for their weddings ponder getting a divorce. These couples tend to live relatively debt-free lives, giving them one less thing to fight about.
Is it worth it?
When asked what wedding expenses were worth it, here's what survey participants had to say:
- 27% believed the honeymoon expenses were worthwhile
- 22% think the money spent on food and drink was necessary
- 17% said money spent on the venue was worth it
Is it worth it? That is a matter of personal opinion. Clearly, everyone has different opinions on how much money should go toward a wedding. Couples can help their relationship by talking about a realistic wedding budget, so they are on the same page. While they are at it, experts suggest that they discuss debt in general, as most people do not bring up this subject before getting engaged -- some wait until after saying their vows to bring it up.
When debt kills a relationship
If you went all out on your wedding and have done nothing but fight about the cost since then, it is understandable that your relationship is struggling. If the disharmony created in your marriage because of wedding debt stress has left you feeling that your relationship is beyond repair, divorce may be the best option. With the right assistance, you can get through the dissolution process with a settlement that meets Florida divorce law standards and includes a fair division of marital debt.