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A survey by Qualtrics commissioned by LendingTree found that 45 percent of newlyweds between 18 and 53-years-old who went into debt to pay for their wedding, 47 percent considered divorce because of debt.
In addition, 76 percent of newlyweds argued because of the debt related to their wedding versus 20 percent of those without wedding debt.
Couples that received cash gifts and had no wedding debt, 40 percent saved it, while couples with wedding debt, only 10 percent saved the cash.
Expenses that seemed to be worth the while? The break down is as follows: honeymoon (27 percent), food and drink (22 percent), and the venue (17 percent).
What about pre-wedding talks?
Forty-five percent of couples did not discuss debt pre-engagement, while 31 percent brought up money issues after the engagement, and 13 percent didn’t even speak about it until they were married.
Fact is, being in debt is stressful. I can see the relief in my clients’ eyes and their reactions after their bankruptcy case is over. In general, debt has always led to arguments in marriages and it is something that should be discussed.
After 20 years of practicing family and bankruptcy law, I’ve seen how debt has resulted in divorces. When the economy collapsed during the housing crisis, divorce case filings shot through the roof and my clients admitted to me it was stress related, foreclosures, etc…
I’ve even had clients tell me they have acquaintances who committed suicide because of “losing it all” during the housing crisis, and I will never forget on a Friday afternoon, three clients in a row told me they had contemplated suicide because of their financial situation.
So yes, financial issues are very relevant in a marriage and life in general. And fact is, financial issues could be resolved with debt restructuring and/or bankruptcy.
It is not worth a divorce and especially the taking of one’s life. So please, if you are facing divorce or contemplating worse because of debt, please, speak to a professional and get the help you need and deserve.
The phone number to the National Suicide Hotline is 1-800-273-8255.
Alexander is a family law attorney since 1999.
Alexander Hernandez represents clients in the areas of Chapter 7 Bankruptcy, Family Law/Divorce, and car and motorcycle accidents.
(904) 712-5565 or (305)-688-LAWS (5297).