An amazing eight in 10 couples, who divorce within five years, cite high wedding costs as a factor in their divorce. According to a recent study, many couples come into marriage with large student loans and when the cost of a lavish wedding is added, they start their married life deep in debt. This financial burden imposes a huge strain on the relationship and often crippling long-term implications.The day after the wedding with all the trappings–a multitude of guests, a reception with a live band, an open bar, a wedding feast, etc.–reality sets in. Unless the parents foot the bill, and even so, these funds could be better spent as a nest egg for the young couple to tide them over through uncertain financial times, this may be the first decision that ultimately sets the stage for a divorce a few years later. Today’s increased costs of starting a family while repaying large loans is a recipe for disaster. Sometimes it’s best to think low key when planning the wedding and honeymoon.
Tackling debt and the high cost of getting married may seem unromantic, but in the long run a solid partnership may be built and serve as the backbone of the marriage. A $30,000-$50,000 wedding preceded by student loans of $100,000 and upward may lead to a costly divorce within 5 years.
Plan your wedding with the future in mind. Extend the wedded bliss to financial security.
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Source: How a lavish wedding could lead to divorce – and why doing it Keira-style is more likely to mean lasting happiness, by Steve Doughty, MailOnline