Wedding Debt Could Predict Early Divorce

Planning and celebrating the perfect wedding could be quite expensive. Many Georgia couples gladly take on debt to pay for it. Unfortunately, spending more than they can afford may be a predictor of divorce. A new study by LendingTree found that nearly half of all couples between the ages of 18 and 53 take on debt to pay for their wedding expenses. Almost half of them contemplated divorce in the first two years of marriage.

On the other hand, couples who were able to avoid this kind of debt reported fewer disagreements over the cost of the wedding day and only 9% of them contemplated divorce in the first two years they were married. These couples also argued about money less than those who financed their own weddings.

More than three-quarters of newlyweds fought over the amount of money they spent on their wedding when they financed the costs. Of the couples in the study with wedding debt, almost half of them contemplated meeting with a family law attorney to discuss divorce because of money during the first two years of their marriages. A quarter of all couples surveyed wished they would have spent less on the wedding. The biggest regret was devoting so much of the budget to the menu, drinks or venue.

Divorce involves separating all marital assets and debts. Couples that get divorced within a few years of getting married may not have accumulated many assets but those who financed their weddings could have a lot of debt. An attorney who focuses on family law may help a client determine how much of the marital debt is his or her responsibility and assist them with drafting and negotiating a fair divorce decree.

Related Posts
  • Estate Planning for Blended Families: Navigating the Unique Challenges and Ensuring Fairness Read More
  • What Can I Do If I Can’t Afford Child Support? Read More
  • Should I Wait to File for Divorce Until After the Holidays? Read More