When people in Colorado go into debt to finance their weddings, it could be a sign of further trouble down the road. Because finances and debt can be such a powerful source of marital strife, it is essential to consider the future effects of the debt when deciding to splurge on a venue, catering or an open bar for a large, elegant wedding. According to one study conducted by loan company LendingTree, 45% of newly married couples between 18 and 53 took on debt in order to finance their wedding ceremonies. Many people expect to be able to host elaborate ceremonies for their weddings even if they are just starting out and struggling financially.
The survey found that, of the couples who went into debt for their weddings, almost half had considered divorce since their marriage because of financial stress, particularly wedding-linked debt. On the other hand, only 9% of the couples without wedding debt said the same. The couples who went into debt also seemed to have more differences about how to fund their ceremonies. Three-quarters reported having arguments about the expenses that went into the wedding, while only 20% of the couples without wedding debt said the same.
Of course, there are a number of factors that can help to produce these results. The couples with wedding debt may still have enjoyed large weddings, but they may be wealthier and better able to deal with financial stresses. The couples with more debt may also be facing difficult financial circumstances in other aspects of their lives.
Marriage and divorce are financial and practical transactions as well as reflections of a romantic relationship. A family law attorney might be able to provide advice and guidance on how assets and debt can affect the end of a marriage, including property division and spousal support.