California couples planning their weddings may find that financial planning can help them to avoid divorce later on. According to one study conducted by loan company LendingTree, taking on additional debt to pay for the expenses of a wedding ceremony is highly correlated with later financial tension and even divorce within a marriage.
Many couples want to begin their lives together with an elaborate, elegant ceremony, even if they have little financial security on their own. As a result, a large number of people take on debt in order to pay for their weddings. LendingTree noted that 45% of newly married couples aged 18 to 53 went into debt for wedding costs.
Those couples who went into wedding debt were more likely to argue between themselves about expenses. Over three-fourths said that they had argued about wedding costs before the marriage, while only 20% of the couples that avoided wedding debt said the same. After the marriage, financial issues often again came to the forefront. A full 47% of the couples with wedding debt reported considering divorce once married due to financial issues, while only 9% of those without wedding debt said that financial stress had led them to consider divorce.
The arguments continued after the wedding was long since over. While only 11% of couples with no wedding debt reported frequent financial clashes, 36% of those who owed wedding debt said that they argued with their partner over money regularly. Still, only 25% said that they wished they had spent less during the wedding planning process.
Wedding planning can be a challenging time, but it can also be an important time for working to avoid future problems. A family law attorney can provide advice and guidance on the financial aspects of a marriage, including handling property division and spousal support in a divorce.