Engagement and Wedding Expenses May Be Linked to Length of Marriage
Everyone who has had the opportunity to help someone prepare for a wedding or plan their own wedding knows that it can be extremely expensive to pull off a special big day. There’s no surprise that the majority of weddings are expensive even when couples try to keep the cost low.
Whether it’s the cake, the dress, the venue or the catering, all of these elements can become extremely expensive. These days, couples are looking for any way to save money on their wedding, whether it’s asking a friend or family member to participate with the catering or putting together the cake or making their own invitations.
Spending Linked to Marriage Length
A new study, however, shows that it may be worthwhile for couples to consider cutting the cost of their special big day. A research project presented by the Social Science Research Network underlines that wedding debt and the stress that it causes could be a leading cause of divorce.
The research study identified that those couples who spent less than $1000 on a wedding had a much higher chance of a longer lasting wedding. Couples that spent more than $20,000 on their big day face a three and a half times higher risk of divorce than those couples who spent between $5000 and $10,000.
It turns out that the big day itself is not the only kind of expense that can have overwhelming stress on the marriage and can ultimately be associated with a higher risk of divorce. In fact, the ring selected for the marriage itself can also influence the likelihood of a longer lasting marriage.
In this particular study, more than 3000 participants were evaluated and it was determined that spending between $2000 and $4000 on an engagement ring was associated with a big increase in divorce risk.
However, the research study explored that marriage duration is inversely associated or not associated with spending money on the wedding ceremony or the engagement ring. However, many other research studies have looked at how stress and financial pressure within a marriage can ultimately lead to its breakdown.
Whether or not this stress has to do with the engagement ring or the expenses associated with the wedding, remains to be seen although this study seems to illustrate that the connection may not be as high as originally thought.
However, if you are going through financial stress with your spouse and are unable to come to terms about expenses or financial goals long into the future, this can be a key source of marital breakdown and can lead to communication problems, lack of trust and constant arguments.
Having regular financial discussions and making sure you’re on the same page as your spouse about big financial goals down the line can be important for evaluating whether or not you are on the same page and working towards the same milestones.
Couples who have wildly different spending habits may struggle to come together and agree on how money should be spent or how to address past debt. If you are coming into a marriage with either significant assets or significant debt, this is worth a conversation with your intended spouse so that you can both understand how you plan to address these when you get married.
In terms of separate assets, for example, you may wish to speak with your spouse about putting together a prenuptial agreement so that it is clear that the assets each party brings to the marriage remain his or hers regardless of whether the marriage ultimately ends in divorce.
For those with significant debt, especially medical debt or student loan debt, it is imperative to think about how each party will maintain responsibility or not, moving forward in the marriage.
Also Read: Six Action Steps to Take Immediately After Your Divorce
Reach out to an experienced Florida family lawyer today
Having these difficult financial conversations can lay the groundwork for working together well into the future and can eliminate some of the most common causes of arguments that lead to divorce.
If you are already contemplating divorce, make sure to reach out to an experienced Florida divorce attorney as soon as possible to discuss your options.
Learn more about divorce today by checking out this blog: http://bchanlaw.com/top-10-divorce-facts/